Update on LkhagvasurenLkhagvasuren is 29 years old and lives with his wife and 5-year-old daughter in a ger, a Mongolian traditional nomadic tent, in Ulaanbaatar, the capital city of Mongolia. He is a driver for a local company. In addition, he also runs his taxi business after he finishes work.
Lkhagvasuren is a very hard-working man. Every night between 9pm and 2am and full-time on every weekend he operates his taxi business. His wife graduated from university this summer and three months ago, she started work as a human resources manager for the Cashmere fashion company. His daughter attends kindergarten.
Lkhagvasuren is asking for a loan to buy furniture for his home such as a sofa and TV. By doing this, his living conditions will be improved.
Previous Loan DetailsMr. Lkhagvasuren, 28, has been working as a taxi driver since last summer and gained much experience from this business field. His job starts at 7 am and finishes at 11 pm at night during the weekdays. Currently, he lives with his wife and daughter in the slum district of Ulaanbaatar, the capital... More from Lkhagvasuren'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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Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.
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Success!! The loan was 100% repaid