Update on Maria VigleniceMaria sells personal use products, she started 8 years ago when she was abandoned by her husband and she had to be responsible for the home expenses where she lives with her six children. The great economic difficulties that she has faced at home have strongly affected the quality of life of her children. However, Maria hopes that with her efforts she can improve the situation and get her family ahead. The main disadvantage is that there is a lot of competition selling the same products and Maria doesn't have much working capital to differentiate herself from the competition. Looking to expand the variety of products that she offers to her clients, Maria requests a loan to buy personal use products such as perfume, deodorant, lotion and other products to offer more variety of products to her clients.
Her dream is to be able to buy her own house and open the business there. She also hopes to improve the quality of her current home and offer her children a better quality of life and education.
Su sueño es poder conseguirse su casa propia y montar el negocio allí. Además aspira a poder mejorar la condición actual de su hogar y ofrecer a sus hijos una mejor calidad de vida y una mejor educación escolar.
Previous Loan DetailsMaria has been through many hardships in her life; nevertheless, her drive to get ahead in life has allowed her to overcome them and continue progressing in her life. Maria is a single mother with 6 children, and she has always searched for ways to give them a good quality of life. The father of… More from Maria Viglenice'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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