Victoria, who is 44, is a woman who has worked in a number of jobs during her life. Due to the long working hours, she developed back problems and had to give up work. As a result, her income dried up. Overwhelmed by economic hardship, she decided to rent a large house which she converted into a hostel for motorists, delivery drivers and truckers, as a means of generating income with which to support herself financially. Her greatest dream is to be able to adapt her business and so she is applying for a loan to buy three beds, three television sets and bed linen. She hopes that her business project will improve her quality of life and end her financial problems.
Victoria de 44 años de edad, es una mujer que ha laborado toda su vida en oficios varios, debido a las largas horas de trabajo se enfermó de la columna y tuvo que dejar de laborar. A raíz de esta situación sus ingresos se estancaron. Agobiada por su dura situación económica decidió alquilar una casa grande que convirtió en una residencia para hospedar a conductores, transportadores y camioneros, con el fin de generar ingresos para sostenerse económicamente. Su mayor sueño es poder adecuar su negocio por lo que se encuentra solicitando un crédito para la compra de tres camas, tres televisores y lencería. Espera que con su proyecto de negocio su calidad de vida mejore y que se acaben sus problemas económicos.
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.