Maria Del Carmen
Since Valentine’s Day in Colombia (also known as the “Day of Love and Friendship”) is approaching, Maria is requesting a loan so that she can restock her business with products to increase her sales during this holiday. In addition, she will make a few renovations to her shop so that she can display her merchandise better.
Her dream is to move forward and provide her four children a better quality of life. Maria will also file for a divorce from the father of her children.
Su sueño es poder sacar adelante sus 4 hijos ofreciéndoles una mejor calidad de vida y también tramitar los papeles del divorcio con el padre de sus hijos.
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.
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