The main income of her family is primarily based on breeding and farming. With this income, it is just enough for her family spending at limited level and it is very difficult if there is arising matter with big cost. So, her daughter is studying far away from home for the first year is a great joy but includes many anxieties on her daughter studying costs.
Therefore, she needs to borrow a loan to cover her daughter tuition costs. Her family hopes that this loan can somewhat assure her daughter feels peace at her mind for studying in order to become a good teacher in future to teach their lovely people at her countryside.
About M7-MFI:M7-MFI is a microfinance institution in Vietnam that is focused on serving poor women and ethnic minorities in the northern part of the country.
Serving more than 21,000 clients, M7-MFI provides savings and loan programs for a number of catalytic areas including vulnerable populations, education, disaster recovery, and water/sanitation. In addition, the organization regularly provides gender education and business consulting services, and builds homes for low-income clients.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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Success!! The loan was 100% repaid