Update on OyunchimegMrs. Oyunchimeg, 43, lives with her husband, daughter and son in Ulaanbaatar, the capital city of Mongolia. She has been running a barbershop since 1992 and her husband provides automobile repair services to local people. Their daughter studies at a university and due to an increase in university tuition fees, they didn't pay fully. Therefore, Oyunchimeg is requesting a loan of 1,500,000 MNT to pay the tuition fee. She thinks the best thing she can do for her daughter is to invest in her daughter's education.
Previous Loan DetailsMrs. Oyunchimeg, 42, is a hairdresser who has been operating her business since 1992 nonstop. She has had many permanent customers and she always wants to improve her business step-by-step. Oyunchimeg has approximately 10-13 customers daily and she always does her best for them. Oyunchimeg is req... More from Oyunchimeg'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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