Gloria Elena H. M., who is a beautician, decided to sell beauty products as well to contribute to the family’s expenses. Her husband works at a company in the city but does not earn enough to cover all the family’s needs. Because of this situation, Gloria Elena started her own business to improve her family’s quality of life.
She needs the loan to make some improvements in the business and to buy more products to offer a greater variety.
Gloria Elena H. Martínez quien es estilista tuvo la idea de dedicarse a la venta de productos relacionados con la belleza con el propósito de contribuir a cubrir los gastos del hogar, pues su esposo quien trabaja en una empresa de la ciudad no gana lo suficiente para cubrir las necesidades del hogar.
Debido a la situación, Gloria Elena se dio a la tarea de trabajar en su propio negocio para mejorar la calidad de vida de su familia y aportar a cubrir los gastos del hogar.
Gloria necesita de un préstamo para realizar algunas adecuaciones básicas al negocio y comprar algunos productos que le hacen falta para ofrecer mayor variedad.
This loan is structured on Kiva as a bullet loan, which means a single payment is required at the end of the loan term. By Colombian law, Kiva's partner Interactuar is required to offer borrowers loans with a variable interest rate that fluctuates with the market rate. Because fixed monthly payments are applied first to interest and then to principal, Interactuar is unable to predict upfront what portion of each repayment would go towards the loan principal. This creates a challenge with Kiva's system, which doesn't allow for unpredictable principal payments, and can result in some Interactuar clients appearing falsely delinquent. To remedy this, the loan has an end-of-term repayment plan on Kiva, but the borrower will continue scheduled monthly repayments to Interactuar, who will then pass along the principal amount to Kiva lenders. This means that you may see repayments made on this loan throughout the repayment term, as opposed to receiving repayment in full at the end of the loan term.