Small Loans, Big Goals

MicroPedroRivera

Armando Pedro Santiago emigrated from Mexico to the United States with his wife and son several years ago in search of a better life.

But he didn’t realize the importance of a good credit history and the associated benefits until many years later, when he applied for his first Progreso Financiero loan.

Santiago’s first Progreso loan allowed him to buy tools for his construction job. He’d previously had to rent tools from his employer. Santiago’s commitment and hard work eventually impressed the company owner, who promoted Santiago to team manager.

The positive credit history proved useful just six months later when Santiago and his family were given just 11 days to move out of their rental apartment. They found an ideal alternative apartment, but were told they couldn’t rent without a good credit history. A couple of days later, the family was delighted to learn they had been approved, due to the good credit history Santiago built through his Progreso loan.

“We were able to move into the apartment of our dreams: simple, clean, and all for ourselves,” says Santiago.

Later, Santiago was approved for a second loan, which he used to buy a car for his wife so she could drive to work, instead of take the bus. Santiago thought he’d be buying a cheap secondhand car, all he could afford. But after the car dealership ran his credit, Santiago learned he was approved for additional financing. Using the loan as a down payment, he was able to purchase a new car for his wife.

“We are now somebody,” says Pedro’s wife, Lupita. “My husband has changed; he feels more confident and happy. We’ve learned a lot and we are teaching our son so he can have a better future. We started from scratch and now we are slowly building our dreams.”

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