This is Gladys’ 34th loan from Pearl Microfinance and she is grateful that she has been able pay school fees for her ten children out of which seven have completed school while three are still in school. She also helps to cater for a disabled girl who was abandoned by the roadside seven years ago and no one has ever come up to claim her, plus two orphaned in-laws.
Gladys needs a loan to help with buying feed for her chicks, completing payment for her booked day old chicks, plus completing payment for her children’s school fees.
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