Luz Elena is a 54 year old woman who has learned that things in life are earned through perspiration, that honest work always brings good rewards, and that happiness is not money, but rather tranquility that one can live by. “Even though I don’t have many comforts, I earn my keep every day.” It’s with these phrases that Luz Elena lets us know that she appreciates God for having given her the capacity to work and have good business ideas. Her neighborhood store generates her support in town and she wants to invest some money into Christmas merchandise, so she is asking for a loan to better stock her store.
Luz Elena es una mujer de 54 años de edad a la que la vida le ha ensañado que las cosas se ganan con el sudor de la frente, que el trabajo honesto siempre trae buenas recompensas, y que la felicidad no es el dinero si no la tranquilidad con la que puedes vivir. “Aunque no tengo muchas comodidades, día a día consigo mi sustento” con estas frases doña Luz Elena nos manifiesta que le agradece a Dios por darle la capacidad de trabajar y de tener buenas ideas de negocio. Su tienda de barrio es la generadora de su sostenimiento en la ciudad y desea invertir un dinero en mercancía para esta navidad, por eso recurre a la solicitud de un crédito con el que espera pueda ver su tienda mas surtida.
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.