Liliana Maria, 35, began been working as a photographer 2 years ago, when she set up a photography studio in her house. Since then, she has attracted a large number of customers thanks to the good quality of her work. With this business, she has been able to contribute to the household expenses, where she lives with her husband and their two children. Liliana Maria needs to buy lights for her studio; this will increase her ability to work and will allow her to provide better service to her customers.
La señora Liliana María a sus 35 años se dedica a la fotografía desde hace dos años, cuando montó en su casa su estudio fotográfico. Desde entonces a captado una gran cantidad de clientes gracias su trabajo de buena calidad, con lo que ha podido aportar a los gastos del hogar donde convive con su esposo y sus dos hijos. Con el objetivo de incrementar la capacidad de su negocio y poder atender así más clientes en su estudio fotográfico, la señora Liliana María requiere de la compra de luces para su estudio fotográfico.
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.