“There are moments in life when you feel you can go any further, that the battle is lost and that whatever attempts is fruitless”. Ercilia is using these words to describes to what her life has been after she separated from her husband and the things she has had to do to provide for her two children. With no schooling and with very few chances to find a job, she decided to set up a fast food stall in order to grant a dignified life to her family. Her biggest dream is to succeed in opening a fast food locale to avoid all the accidents she faces working with her mobile food-cart, such as the inclemency of the weather which has already cost her a lot of money. She is requesting a loan to buy ingredients to prepare food to sell during the end of the year season, as this is the time of the year when she sells the most.
“En la vida existen situaciones en la que sientes que no se puede dar un paso más, que la batalla está perdida y que cualquier intento es infructuoso”. Con estas palabras doña Ercilia nos cuenta como ha sido su vida después de la separación con su esposo y de todas las cosas que tuvo que hacer para sacar adelante a sus dos hijos. Sin estudio y con pocas posibilidades de emplearse tomó la determinación de montar un puesto de comidas rápidas para ofrecerle a su familia una vida digna. Su mayor sueño es poder montar un local de comidas rápidas para evitar los contratiempos que padece con su carro móvil, como lo son las inclemencias del clima que le ha generado grandes pérdidas. Se encuentra solicitando un crédito con el que comprará insumos para la preparación de las comidas en este fin de año que es donde más se incrementan las ventas.
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.