From 7:00 a.m. to 10:00 p.m., Gloria is in her store attending to neighborhood customers who come to shop for their families. Her store has become a great opportunity for generating income, especially since her separation when she had to start working to support herself.
Now she is in need of a loan to buy a broader variety of inventory so she can offer her customers more options, thus increasing her income.
Desde las 7:00 de la mañana hasta las 10:00 de la noche, Gloria atiende su negocio, una tienda en la ofrece productos de la canasta familiar a sus vecinos de barrio. Su negocio tienda se ha convertido en una gran oportunidad para generar ingresos pues después de su separación se vio en la necesidad de trabajar como independiente.
Actualmente necesita un préstamo para comprar mayor variedad de surtido y ofrecerle a sus clientes mayores opciones y así mejorar sus ingresos.
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.