Update on Claudia MariaClaudia was abandoned by the father of her five-year-old son some time ago and because of this she had to take on the obligations at home and started to look for ways of generating the income she needed. This is how she availed herself of some skills she had in the Internet café realm and using some savings she had she started her own business. Since she did not have much capital, the business has lagged behind with some of the tools it requires but with her efforts she’s been gradually moving it forward. Now Claudia wants to take advantage of the good sales she’s had to find a loan to buy a new computer to increase her capacity for customer service. Her dream is to have a good business that will produce higher income. She also dreams with getting a house of her own and to be able to provide her son with a good education.
Su sueño es poder tener un buen negocio que le permita tener mejores ingresos. Además sueña con conseguirse su casa propia y poderle brindar a su hijo una buena educación.
Previous Loan DetailsClaudia María has described herself as a persevering mother and head of family who is dedicated to her job. Claudia María, 37, has a six-year-old son and is separated from her partner, who taught her the job of computer maintenance. Having learned this work, Claudia María started an internet café… More from Claudia Maria's previous loan »
Important InformationThis 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.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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