Update on OdonchimegMrs. Odonchimeg, 37 years old, lives with her husband and two children in Ulaanbaatar, the capital city of Mongolia. The family resides in their own house on a plot of land. Her elder son studies at university, while her younger son goes to high school. She and her husband have been running a building materials sales business for eight years. She used her previous loan in order to increase her inventory, and she paid each installment on schedule without delay.
This time, she is requesting a loan of 1,000,000 MNT, which she will use to pay her elder son's tuition and fees. Not paying the tuition for a long time has caused her son to be blamed by the university director. So paying the tuition will relieve her son and it won't affect his academic performance. The borrower is a very hardworking individual who deeply cares for her son.
Previous Loan DetailsMrs. Odonchimeg, 35, is a hard-working mother who is trying to educate her children. She lives in Ulaanbaatar, the capital city of Mongolia with her husband, 39, and two children who are 18 and 16 years old. She has been running a business selling building materials in the market. This time s... More from Odonchimeg'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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Success!! The loan was 100% repaid