Update on Elisa MariaElisa is a 20 year old young woman full of dreams and a solid destiny. Even though her life has not been like that of a princess, she lets her imagination run away to reach her dreams. She is the single mother of a three year old girl, who is her main treasure and motivation. She has worked hard since she was a girl, due to her difficult family situation. Thanks to this, she learned how to sew by working in the trade for a number of years. She went on her own a year ago and set up a small workshop in her home, where she has a partner. She does all kinds of jobs, but at this time they have one machine and one provider.
She is asking for this loan to buy a motorcycle because they constantly search for customers and make deliveries. They expect work and productivity to increase with the help of this new tool, and for their transportation costs to decrease, which will translate to better earnings and quality of life.
Se encuentra solicitando un crédito para la compra de una motocicleta, ya que deben salir constantemente en búsqueda de clientes y hacer entrega de los encargos. Esperan que con esta nueva herramienta de trabajo la productividad aumente y los costos de transporte disminuyan, generando mejores utilidades que se transformarán en mejor calidad de vida para su familia.
Previous Loan DetailsAt 19 years old, Elisa is a single mother of a 2 year old daughter. Needing to generate income to get her daughter ahead, she started sewing at home a year and a half ago. Elisa works making the fronts of purses for a regular customer. In order to improve her production and service and contract ... More from Elisa Maria's previous loan »
Important InformationThis 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.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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Success!! The loan was 100% repaid
- Repayment Term
- 21 months (Additional Information)
- Repayment Schedule
- Nov 29, 2012
- Jan 1, 2013
- Currency Exchange Loss:
- Jul 17, 2014
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.