Income from livestock and poultry are the main income source of her family. However, this income is not large is always affected by many factors such as: weather, diseases, and output consumption. So she worries about her family’s economy, and especially for her two sons' education make her family more difficult. Therefore, Chinh wants to borrow a loan to cover her children’s education costs to reduce anxiety on her children’s education, to be dedicated to work to earn money for improvement of her family’s living conditions.
She is the leader of group with 3 members. The other members also hope a part of these loans will help their children have more good conditions for better education.
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