Olga Mery is 37 years old and is a dressmaker’s assistant. She has 3 children, and works every day so she can provide for their needs. Her dressmaking co-worker has provided her with a space where she can sell merchandise. This activity makes it possible for Olga Mery to generate additional income and to cover the household expenses. Her dream is to be able to provide her children with a good education and for her business to grow more. She needs a loan in order to purchase merchandise so she can increase the products that she offers her customers.
La señora Olga Mery con 37 años de edad es auxiliar de confección, y tiene 3 hijos por los que trabaja todos los días para cubrirle sus necesidades. Su compañera de confección le brindó un espacio donde poder comercializar mercancía, actividad que la señora Olga Mery realiza para generar otros ingresos y poder cubrir los gastos del hogar. Sueña con poder brindarles a sus hijos una buena educación y con que su negocio crezca cada vez mas, por lo que requiere de la compra de mercancía para ampliar los productos que le ofrece a sus clientes.
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.