Update on AriunboldMr. Ariunbold, 30, works as a specialist in the power plant in Darkhan, the second largest city in Mongolia. He has been doing his job since 2006 and is one of the skilful workers. Ariunbold is a father of a young family. He lives with his wife and his son in a rented house with just one room. It is difficult and uncomfortable to live with his family in a small and bad rental room.
In 2009 he bought a small plot of the land in a rural area which is near the city using all his family’s money. But still he could not build a house there due to the lack of money. Now he decided to take a loan to dedicate to building his family’s dream house. As he said it will be a small sized and beautiful house. Now he needs about 2,500,000 MNT to buy some necessary building materials to build his house. Let’s help this young family dear Lenders!
Previous Loan DetailsAriunbold is 30 years old and lives with his wife and son in Darkhan, the second largest city in Mongolia. The family lives in a rented house. Ariunbold works in a power plant in Darkhan city along with his wife. They both have been working there since 2006 and their incomes are often not enough ... More from Ariunbold'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.
About Housing Loans
Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.
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Success!! The loan was 100% repaid
- Repayment Term
- 26 months (Additional Information)
- Repayment Schedule
- Jun 21, 2012
- Jun 26, 2012
- Currency Exchange Loss:
- Aug 15, 2012
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.