Update on HadbaatarMr. Hadbaatar, 31 years old, lives with his wife and two children in Ulaanbaatar, the capital city of Mongolia. The family resides in their own house on a plot of land. His 8-year-old son goes to school, and his younger son, 4 years old, stays at home with his mother. In August 2011 he began working at a mining business. For the upcoming national holiday known as White Moon, he wants to update all of his house's old furniture by purchasing new furniture. He is requesting a loan of 1,500,000 MNT to purchase a chest of drawers, a chair, a table, a recliner, etc. With his house decorated with new furniture, he can greet the White Moon with joy and happiness. The borrower is a very hardworking individual who strives for a better future.
Previous Loan DetailsHadbaatar is taking a loan to purchase some bricks and other insulation materials to make adjustments to his house. More from Hadbaatar'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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