Mr. Bayarjargal, age 23, is unmarried and lives with his parents and his sister in the suburban district of Ulaanbaatar, the capital city of Mongolia. He works as a salesman in a private computer distributing company and takes home a bonus of $18 USD from computer sales.
Bayarjargal has been running his business for a year and has saved some money for his future life. He plans to move out from his parents' home this summer. He is purchasing an apartment with a room in which to live with his fiancee, but he lacks the money to cover the cost of its advance fee. The loan he is taking will be dedicated to cover the cost of his purchasing a new apartment to start his own individual life.
About Credit Mongol
Credit 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.