Update on LkagvasurenMr. Lkagvasuren, 43 years old, lives alone in his house, on a plot of land in Ulaanbaatar. He has been rendering taxi services to local people for a living, since 2006. He helps his vulnerable sister in her everyday life, such as by providing food and taking care of her son. His sister's son is currently studying at university and didn't pay his tuition fee. For this reason, he is requesting a loan of 1,500,000 MNT, with which to pay university tuition. As a result, his sister's son will be able to continue to study at university without worry. For the borrower, it is the biggest help he can offer for his sister's son.
Previous Loan DetailsLkavgasuren is a 42-year-old single man. He lives alone in a small house which he built in Ulaanbaatar, the capital city of Mongolia. He has been operating a taxi business for five years. During these years he has gained much experience. He is planning to sell his old car and purchase another… More from Lkagvasuren'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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