Update on LkhagvasurenLkhagvasuren is 36 years old and lives with his wife and daughter in Ulaanbaatar, the capital city of Mongolia. The family resides in a traditional Mongolian ger (portable felt dwelling) on a plot of land. He has been working as a driver for a building company for almost four years and during his day off, he provides taxi service to local people. His wife is a human resource manager at cashmere fashion company, currently working for a trial period. His daughter goes to kindergarten. He is requesting a loan of 1000000 MNT to purchase spare parts to repair his automobile which is an essential part of income generation for his family. The borrower is a very hard-working individual who strives for a better future.
Previous Loan DetailsLkhagvasuren 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 ... 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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Success!! The loan was 100% repaid