Her family lives mainly on cultivation and breeding so the annual income is just sufficient for a normal life. Currently, there is an increased cost when her son is at apprenticeship; it causes more difficulties for her family. Therefore, she is looking to borrow amount of money to pay for his education fees. She will try to do breeding and cultivation to have money to pay for loan on time.
Chung is the group leader of Chung’s Group. This group consists of 5 members with different purposes in borrowing loans such as buying fertilizer, breeding in farm. But members are all loyal, working with the organization for many years so M7-MFI is fully confident on their on-time payment as well as trust they will have better lives after each efficient loan use.
About M7-MFI:M7-MFI is a microfinance institution in Vietnam that is focused on serving poor women and ethnic minorities in the northern part of the country.
Serving more than 21,000 clients, M7-MFI provides savings and loan programs for a number of catalytic areas including vulnerable populations, education, disaster recovery, and water/sanitation. In addition, the organization regularly provides gender education and business consulting services, and builds homes for low-income clients.
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