Cruz Elena, 47, clearly symbolizes courage and perseverance. Since she was young she worked with her mother selling fried food and fast food in the main park in the town of Támesis, Colombia, a job that allows her to earn a living and support her mother, who can't accompany her to make sales because of her age and health problems.
Her biggest desire is to buy a fast-food cart and supplies to increase her sales and improve her family's quality of life. This is why she's applying for a loan, because she doesn't have the necessary resources to bring her dream to fruition.
Cruz Elena de 47 años de edad es una clara representación de la valentía y la perseverancia. Desde su juventud laboró con su madre vendiendo fritos y comida rápida en el parque principal del municipio de Támesis, Colombia. Actividad que le permite ganarse la vida y sostener a su mamá debido a que por su edad y las condiciones de salud ya no puede acompañarla a realizar las ventas. Su mayor deseo es comprar un carro de comidas rápidas y surtido para incrementar sus ingresos y mejorar la calidad de vida de su familia. Por esta razón se encuentra solicitando un crédito ya que no cuenta con los recursos para materializar su sueño.
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.