Lutengo Development Group
He joined his lending group with a bid to develop his business and so far, he was able to buy a new "boda boda" to replace the old one that he had.
His family life has changed with the increased profits and now his children go to school with some ease as regards school fees. Karid needs a loan to be able to buy another "boda boda" to be given out for hire so as to bring in more income every day.
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