Update on TungalagMrs. Tungalag, who is 37 years old, lives with her husband and two children in Ulaanbaatar, the capital city of Mongolia. Her father-in law-has two houses on his fenced land and she, together with her family, lives in one of the houses. She has been working as a hairdresser at her own barbershop for eleven years and during this time she has attracted quite a number of people to her business as well as accumulated vast amounts of experience in this service field. She is requesting a loan of 1,500,000 MNT to purchase new furniture for her home. As a result, her family will live in a more comfortable place and this will motivate her and her husband to work even harder and more enthusiastically. The borrower is one of our organization's trustworthy clients and has paid her previous loan's installment debt in due time.
Previous Loan DetailsMrs. Tungalag, 36, is a hairdresser. She has been doing her business for 10 years and has permanent customers. She lives with her family in Ulaanbaatar, the capital of Mongolia. Tungalag wants to renovate her work tools, such as hair machine and other equipment of her barbershop, because they are... More from Tungalag'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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