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Catalina
With a loan of 62,100 pesoso, Catalina is able to pay off a debt with an informal moneylender as well as buy bales of used clothing. Two years ago, Catalina took out a loan from an informal moneylender to buy a taxi and since then has been unable to sleep well thinking about her debt.

She does well with the taxi, making enough to help her husband at home. The problem is the monthly interest rate is over 25% and oftentimes, they only have enough to pay the interest and they can't pay anything towards the capital. Catalina feels like she has paid the money she borrowed three times over and she still owes more than half.

In addition to paying off the debt, she is thinking to buy bales of used clothing to open an informal shop in her home (a very popular business in the Dominican Republic) and in this way generate extra income during the times when the demand for taxi service is low.
View original language description ↓
Con un préstamo de 62,100 pesoso, Catalina ha podido saldar deuda con un prestamista informal y comprar pacas de ropa usada. Hace dos años que Catalina tomó un préstamo a un prestamista informal para comprar un taxi y desde entonces no duerme bien pensando en su deuda. Con el taxi le va bien, hace lo suficiente para apoyar a su esposo en el hogar. El problema es que los intereses mensuales pagados al prestamista están por encima del 25%, por lo que muchas veces solo tienen para pagar el interés y no pueden hacer ningun pago al capital. Catalina siente que ha pagado el dinero que tomó prestado tres veces y aun debe más de la mitad.
Además de pagar la deuda, piensa comprar pacas de ropa usada, negocio muy popular en República Dominicana, para abrir una tienda informal en la sala de su casa y así generar ingresos extras en las horas de poca demanda del servicio de taxis.

About Dominican Republic

  • $9,700
    Average annual income
  • 1
    View loans »
    Dominican Republic Loans Fundraising
  • $8,161,575
    Funds lent in using Kiva
  • 39.4
    Dominican Republic Pesos (DOP) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,575 helped Catalina to pay off a debt with an informal moneylender and to buy bales of used clothing.
100% repaid
Repayment Term
22 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 8, 2012
Listed
Oct 23, 2012
Currency Exchange Loss:
Possible
Ended:
May 17, 2013