María Eugenia is 40 years old. She is a housewife and the mother of 4 minor children. Her husband is the one who supports the home but because of his job his salary varies month to month and sometimes there isn't even enough to pay for the basic utilities. María is worried about the situation and has decided to seek another source of income to help her husband with the household expenses. She found work selling products via catalogue, something she can do from home that allows her to care for her children. At this time, she is asking for a loan to buy merchandise such as jeans, blouses, and accessories for the end of the year. Her biggest dream is for her financial situation to improve and to be able to have a better quality of life.
María Eugenia de 40 años, es ama de casa y madre de 4 hijos de los cuales 3 son menores de edad. Su esposo es quien sostiene el hogar pero debido a su trabajo, su sueldo varía mes a mes, por lo cual hay ocasiones en que no alcanza el sueldo ni para el pago de los servicios públicos. María preocupada por la situación decide buscar otra entrada económica para colaborarle a su esposo con los gastos del hogar y encuentra como labor la venta de productos por catálogo, actividad que realiza desde su casa y le permite cuidar a sus hijos. En estos momentos se encuentra solicitando un crédito para la compra de surtido como jeans, blusas, accesorios, para venderlo en fin de año. Su mayor sueño es que la situación económica mejore y poder tener una mejor calidad de vida.
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.