María Oliva is a 64-year-old woman who has dedicated her working life to providing an education to her four children. She began by selling fried foods from her house after her husband died and she became responsible for her household. Throughout her life, she has had to find a way each day to provide for her family. Since she lacks a formal education, the doors to the labor market were closed to her.
Her intelligence, courage, and effort have allowed her to make her way in life. She does her housework early each day and then opens her business. Her great dream is to be able to upgrade her equipment and buy more stock to increase sales. As she lacks her own capital to make this investment, she is applying for a loan.
María Oliva de 64 años de edad, es una mujer que toda su vida se ha dedicado a laborar para ofrecerles a sus cuatro hijos educación. Comenzó realizando fritos afuera de su casa cuando su esposo falleció asumiendo todas las responsabilidades del hogar. Su vida se encuentra marcada por la necesidad de rebuscarse día a día el sustento para su hogar, debido a que su falta de educación le cerró las puertas para acceder al mundo laboral. Con su inteligencia, valentía y esfuerzo ella ha logrado abrirse paso en la vida. Todos los días comienza su faena muy temprano realizando las tareas de su casa y posteriormente se dirige a abrir su negocio. Su mayor sueño es poder mejorar las instalaciones de su negocio y comprar más surtido para incrementar las ventas, por lo cual se encuentra solicitando un crédito debido a que no cuenta con capital propio para realizar dicha inversión.
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.