Marta Nelly, 43, is the mother of six children who are 21, 20, 18, 16, 8 and 4 years old. She works in her store that she’s had for six years. Marta Nelly works with her children in the store and wants to buy an assortment of stock items like snacks, soft-drinks, butter and oil among other products that will generate higher income to increase her family’s quality of life. In the future she’d like to have her own minimarket.
La señora Marta Nelly a sus 43 años de edad es madre de seis hijos de 21, 20, 18, 16, 8 y 4 años de edad, se dedica a trabajar en su tienda la cual tiene hace 6 años. La señora Marta Nelly Trabaja con sus hijos en la tienda y desea comprar surtido como snaks, gaseosas, mantequilla, aceite, entre otros productos que le generen mayores ingresos para aumentar su calidad de vida y la de su familia. A futuro desea tener su propio mini mercado.
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.