Zero Interest Microfinance
ZiMB

Thoa and Khanh

Information

Names

Mrs. Nguyen Thi Kim Thoa and Mr. Dang Minh Khanh


Address

Group 35, Dong Hiep Block, Minh An Ward, Hoi An City


Amount of Loan

VND 5,000,000 ($250 USD)


Repayment Period

13 months


Reason for Loan

Pay off high interest debt


Local NGO

Children’s Education Foundation


Summary

Some years ago Thoa and Khanh received a loan from a charity for a small fishing boat so they would have a greater income. The loan wasn’t nearly enough so they had to borrow $250 (USD) for the remainder of the purchase and nets.  In other words, the charity’s loan put them in a situation where they had to take on a new loan, which they had to pay large monthly interest payments of $13 (USD).  Thus, Thoa and Khanh would like a micro loan of $250 (USD) and would like to pay it off over 13 months. Children’s Education Foundation (CEF) is the local NGO who will administer the loan with 0% interest rate. A contract between CEF and Thoa/Khanh will be signed and repayments will be collected on a regular basis.  Thoa and Khanh has been a client of CEF for a couple of years.

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