Update on SoninbayarMr. Soninbayar, who is 21 years old, lives with his parents and brother in Ulaanbaatar, the capital city of Mongolia. The family resides in an apartment and his parents work at a train station for their employment. Recently his younger brother stays at home.
Mr. Soninbayar has been driving his car for a taxi service for the last three years. His mother purchased the car for him through a loan. After graduating from his secondary high school, he specialized in welding. The house where they all live has very old furniture so he is requesting a loan of 1,000,000 MNT to buy new furniture. This will enable the family to live in comfortable living conditions and give him enthusiasm.
Previous Loan DetailsMr. Soninbayar, 21, drives a taxi around the districts of Ulaanbaatar, the capital city of Mongolia. He has been conducting his business since 2009 and has gained enough experience by himself. He is divorced and his children live with his wife. Recently, he has changed his old Russian car by… More from Soninbayar'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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