Erika is a very hardworking person who has gotten her family ahead through her great efforts. She sold clothing for six years during which she gained a lot of experience. Afterward, she worked for a florist, but as she did not make enough there to support her household, Erika decided to leave that job and start selling clothing on her own. Because of the significant financial difficulties she faces, Erika needs this loan to buy clothing to stock and to fill her orders.
Her dream is to have a shop to work out of, which would increase her sales and allow her to generate more income so she could offer her family a better quality of life.
Erika es una persona muy trabajadora que con gran esfuerzo ha logrado sacar adelante su familia. Durante 6 años trabajó vendiendo ropa y allí adquirió mucha experiencia; luego pasó a trabajar en una floristería, pero debido a que los ingresos que allí generaban no eran suficientes para el sostenimiento de su hogar, Erika decidió retirarse del empleo y comenzar a vender ropa de manera independiente. Debido a las grandes dificultades económicas que padece, Erika necesita acudir a un préstamo para comprar surtido de ropa y poder responder a los pedidos que tiene.
Su sueño es poder tener un local donde ubicarse y así aumentar sus ventas, al mismo tiempo que genera mejores ingresos para ofrecerle a su familia una mejor calidad
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.