Ana Cecilia, 38, is a single mother of three minor children. This woman is responsible for her children and her mother because her father died and her husband abandoned her. When she became unemployed she needed to earn income to solve the economic need she was facing. She decided to open a home-based grocery store that had very little stock merchandise because of the little capital she had available to invest in it. And as if this weren’t enough, the health department is requiring her to replace her kitchen sink and the bathroom at home which is why she’s asking for a loan to do the adjustments they require because if she does not do them they will shut her business down. Ana is very worried because her store is her only source of income and her children are in school and her mother needs medicine that she must provide and for all these reasons she cannot be left without income.
Ana Cecilia de 38 años, es madre soltera de tres hijos menores de edad. Esta mujer es responsable de sus hijos y su madre debido a que su padre falleció y su esposo la abandonó. Tras haberse quedado sin empleo se vio en la necesidad de generar ingresos para solventar las carencias económicas por las que se encontraba. Decidió montar una tienda en su casa, la cual se encuentra con muy poco surtido porque no cuenta con los recursos para invertir en ella. Como si esto fuera poco, sanidad le exigió que debe cambiar el lavaplatos y el baño de su residencia, por lo cual se encuentra solicitando un crédito para realizar los ajustes que le solicitaron, de lo contrario le cerrarán su negocio. Ana se encuentra muy preocupada porque su tienda es la única entrada económica que ella tiene, sus hijos se encuentran en la escuela y su madre requiere de medicamentos que ella tiene que suministrarle. Por estas razones ella no puede quedarse sin ingresos.
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.