María, 63, is very determined to get ahead. She and her husband work hard every day from 6:00 a.m. to 9:00 p.m. in the store they opened three years ago. María wants to buy more merchandise because of the increasing demand from her customers. Since she does not have the resources to carry out the investment, she is requesting a loan to help increase her income so she and her family can lead a better lifestyle.
Doña María a sus 63 años de edad, lo que le sobran son ganas de salir adelante en compañía de su esposo, por eso trabajan fuertemente día a día de 6 de la mañana hasta las 9 de la noche, en la tienda que montaron hace 3 años. María desea comprar más surtido debido a que su clientela cada día se lo está demandando y como ella no cuenta con los recursos para realizar dicha inversión, solicita un préstamo para poder incrementar sus ingresos y obtener un mejor nivel de vida para ella y su familia.
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.