Update on Maria AlbertinaMaria has many years of experience in tailoring as she started learning at her mother's side when she was very young and since that age she has had this business as a possible source of income for her family. That is why, after she got married and had children, it was by working in tailoring for third parties that she contributed to the household expenses and improved her family's quality of life. However, her husband died a while ago and this has left her a single mother in charge of her household and financial troubles at home have not taken long to appear. For this reason, Maria is asking for a loan to improve her sales by buying a case to display her work and also to buy supplies and the raw materials she needs to tailor some of the customer orders she has pending.
Her dream is to keep doing this work and to improve her household income so she can offer her children a better quality of life. In the future, she also hopes to enjoy her old age in peace.
Su sueño es poder continuar con esta actividad y mejorar los ingresos del hogar para poder ofrecer a sus hijos una mejor calidad de vida y ella en un futuro poder gozar de su vejez tranquilamente.
Previous Loan DetailsMaría has been working sewing for more than 36 years because she was interested in learning this activity from a very young age and got a job that way. Later, with some savings she managed to buy her first sewing machine to work from home and take on jobs for third parties. In this way she… More from Maria Albertina'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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Success!! The loan was 100% repaid