Mrs. Maria Bernarda, at 51 years old, has been selling clothes for about three years. Mrs. María Bernarda works alone in her spare time. Mrs. Bernarda wishes to buy an assortment of clothing in order to expand her sales and thus improve her income and quality of life. Mrs. Maria Bernarda dreams of having her own special events hall since Mrs. Maria Bernarda cooks very well and with this, to be able financially to support her mother and sister, the people who live with her.
La señora María Bernarda a sus 51 años, se dedica a la venta de ropa desde hace aproximadamente tres años. La señora María Bernarda trabaja sola en los ratos que tiene libres. La señora Bernarda desea comprar surtido de ropa con el fin de ampliar sus ventas y de esta manera mejorar sus ingresos y calidad de vida. La señora María Bernarda sueña con tener su propio salón de eventos especiales puesto que la señora María Bernarda cocina muy bien y con este, poder apoyar económicamente a su madre y hermana quienes son las personas que viven con ella.
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.