Update on YadamsurenYadamsuren is 28 years old. He lives with his two children and wife in a ger, the traditional Mongolian nomadic tent, in the ger district of Ulaanbaatar, the capital city of Mongolia. He runs a taxi business, which he started in 2009, but his income is insufficient to meet his family expenses. His car is not so bad, but it is getting old and has some damaged parts.
Yadamsuren needs to provide routine maintenance to his car in order to provide his clients with safe and comfortable service. This is very important to both maintaining his normal operations and ensuring his future business. He will use the requested loan to cover the cost of routine auto maintenance for his car.
Previous Loan DetailsYadamsuren, 28 years old, is an young man who is trying to build his own family life. He lives with his wife, 26, and daughter, one year old, in Ulaanbaatar, the capital of Mongolia. He has been running a taxi business since 2009.
This year, he and his wife decided to sell some dairy… More from Yadamsuren's previous loan »
About Credit MongolCredit Mongol is the largest non-banking financial institution (NBFI) in Mongolia. Its mission is to contribute to the prosperity of Mongolians by providing high-quality, affordable and varied financial services to micro-entrepreneurs and small-to-medium-sized businesses. It prioritizes serving remote, rural populations that have typically lacked access to credit and other financial services. Uniquely, it offers solar panel loans to nomadic herders, most of whom live without electricity.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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Success!! The loan was 100% repaid
- Repayment Term
- 15 months (Additional Information)
- Repayment Schedule
- Nov 30, 2011
- Dec 13, 2011
- Currency Exchange Loss:
- Jan 15, 2013
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.