Her husband is a driver and drives a rented rickshaw to provide transport services to passengers. Kaneez has applied for a loan from Kiva partner Asasah to help her husband buy a rickshaw. This will help him provide better-quality transport services without any time limitation to passengers and will also help him buy a business asset.
Kaneez's husband has been operating his business for past 4 years and Kaneez is hopeful that an investment will help him improve his income and the financial situation of the family.
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