María, 47, is married and has five children. For several years, she has been in the business of raising pigs to earn an income for her household. "Raising pigs is a decent way to earn a living and it is what I have been doing since my youth. I grew up on a farm where pigs, cows and chickens were raised.", says María with much pride.
Her goal is to have a large pig farm to improve her living conditions. Currently, she is requesting a loan to build a farmyard for her animals because the one she has is not hers and is too far away from her home, which is tiring because of all the kilometers she must travel daily to feed the pigs.
María de 47 años de edad, es casada y tiene 5 hijos, se dedica a la cría de cerdos desde hace varios años, como fuente de ingreso para su hogar. “La porcicultura es una forma digna de ganarse la vida y es lo que sé hacer desde mi juventud, debido a que crecí en una finca en donde se criaban cerdos, vacas y pollos” dice maría en un todo orgulloso. Sueña con tener una piara (muchos cerdos), que le proporcione mejores condiciones de vida. Actualmente solicitó un crédito para la construcción de un corral en donde albergar sus animales, debido a que la que tiene actualmente no es suya y se encuentra demasiado retirada de su vivienda, situación que le produce mucho agotamiento generado por los varios kilómetros que recorre cada día para suministrarles la comida a sus porcinos.
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.