Update on ElizabethElizabeth is 25 years old and one of her greatest passions is arts and crafts, which she has been perfecting daily. Conscious of her great talent for painting, embroidering, cushions, and pads, she has been selling her products to try to improve her financial situation and offer her eight year old daughter a better quality of life.
Besides her artistic ability, she also works as a stylist and has the challenge of setting up a beauty salon, so she is asking for a loan that she will use to buy a pedicure chair and supplies to set up her company.
Además de gozar de sus habilidades como artesana, también debuta como estilista, por lo cual tiene como reto crear un salón de belleza y para ello se encuentra solicitando un crédito que invertirá en la compra de una silla de pedicure y compra de insumos con el fin de hacer realidad su proyecto de empresa.
Previous Loan DetailsAt 23, Elizabeth was already the mother of 7 and began to work independently to support her family, as her husband's salary was not enough to cover household needs. In this way, she began making and selling handmade crafts as a way to supplement the family's income. Elizabeth started selling her… More from Elizabeth'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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