Yolanda, 46, works managing a store where she works from 8:00am until 10:00pm. She started doing this work a little while ago because her sister, who was responsible for the store previously, had health problems and could not continue working there, so Yolanda had to take over the store.
The income from the store pays the rent for the space and her household expenses for herself and her only daughter. In order to improve the stock of merchandise at the store, which is low, Yolanda needs to purchase sodas, snacks, and liquor in order to increase the stock and generate more sales so that she can improve the quality of life of herself and her daughter.
A sus 46 años de edad, la señora Yolanda se dedica a la atención y administración de una tienda en la cual trabaja desde las 8:00 a.m hasta las 10:00 p.m, esta labor la realiza desde hace poco puesto que anteriormente su hermana era quien estaba responsable de la tienda, pero debido a dificultades de salud no pudo continuar, por lo cual la señora Yolanda tuvo que hacerse cargo del negocio. Con los ingresos que la tienda genera puede pagar el arriendo de esta y suplir los gastos de su hogar y su única hija. Con el ánimo de mejorar el surtido de su tienda que se encuentra bajo, la señora Yolanda necesita de la compra de gaseosas, snacks y licor para poder aumentarlo y generar mayores ventas y así mejorar su calidad de vida y la de su hija.
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.