Update on Maria LucellyLucelly is 59 years old and is synonymous with strength and courage, after having suffered separation from her husband. She has three children to care for. The youngest has downs syndrome and this women worked really hard to get her family ahead. She decided to ask for a loan and sell clothing, a business that does not require much time and that she can do, given her youngest son’s special needs that only she can provide for. “God has always been my greatest friend and loyal father. Thanks to his help and mercy, my children have never been in need of their daily bread.” With these words Lucelly expresses her gratitude for life because of the opportunities that God has given her to work and get her family ahead. Her greatest dream is to improve her financial situation and provide her son with a happy and dignified life. For this reason she is asking for a loan that she will use to buy merchandise and a display case to improve her business in her living room. She is hoping for a better life.
Previous Loan DetailsMaría is a person who has had to go through many adversities in life. However, she’s had the strength to continue forward making progress in her life. María separated from her husband a long time ago and since then was left in charge of her three children so she decided to start her own business... More from Maria Lucelly'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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