Monica is 20 years old and a single mother who is in charge of her household. She has two children. One of her children is a newborn and the other is 2 years old. She has the experience of having lived in the countryside with her family for many years and would like to buy a dairy cow so that she can make more income in order to provide her two children with everything they need and a better quality of life as they are both totally dependent on her. Monica alternates her farm work with her job as a nurse's aide in the town of El Carmen de Viboral, in the east of Antioquia department.
La señora Monica a sus 20 años de edad es una madre soltera, cabeza de familia y tiene dos hijos, uno de ellos esta recién nacido y el otro tiene 2 años de edad. Con la experiencia de haber vivido muchos años en el campo con su familia, hoy día ella desea comprar una vaca lechera con el fin de tener mayores ingresos para brindarles a sus dos hijos todo lo necesario y una mejor calidad de vida puesto que ellos dos dependen totalmente de ella. La señora Monica alternará su trabaja de campo con su trabajo como auxiliar de enfermería en el municipio del Carmen de Viboral al oriente de Antioquia.
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.