Lucely, 48, is a mother and head of household. She cares for her son, and for more than 18 years she has had a business selling fried fast food. Lucely needs to buy supplies to make her products and sell them. In addition, she needs to make some repairs to the floor and wall of the premises where she sells her products, located on the bank of the Medellín river. Lucely hopes to improve her income and with it the quality of life of her family, and to fulfill her dream of buying her own house so that her child can be assured of a place to live.
La señora Lucely a sus 48 años de edad es madre cabeza de familia, vela por su hijo y se dedica desde hace más de 18 años a la venta de comidas rápidas y fritos. La señora Lucely requiere de la compra de insumos para elaborar sus productos y comercializarlos, adicionalmente realizar adecuaciones en el piso y paredes de su local donde vende los productos que esta localizado a la orilla del rio Medellín. La señora Lucely espera mejorar sus ingresos y con estos la calidad de vida de su familia y cumplir su sueño de comprar una casa propia para que su hijo tenga asegurado donde vivir.
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.