"To improve oneself, one only needs the desire to do so and discipline: fundamental pillars for success."
With this phrase, Ángela, 39 years old, demonstrates how she followed her dreams and became a professional stylist. She worked for several years as a housekeeper while, at the same time, studying in a beauty academy in her city. After she finished her studies, she worked for a little while longer until she had saved enough money to open her own business. Now, Ángela is very well-known in her area for the excellent work she does. Her quality of life has considerably improved and one of her children was admitted to a university.
Ángela's biggest dream is for her business to keep growing. She is requesting this loan in order to buy shelves and beauty products to sell in her beauty salon.
“Para superarse sólo se necesitan ganas y disciplina, pilares fundamentales para alcanzar el éxito” con esta frase doña Ángela de 39 años de edad, manifiesta como alcanzó su sueño de convertirse en estilista.
Laboró por varios años como empleada doméstica, y al tiempo estudiaba belleza en una academia de su municipio. Después de terminar su estudió, laboró por un tiempo mas, hasta que logró reunir el dinero necesario para montar su negocio. Hoy es bastante reconocido en su sector por su excelente trabajo. Su calidad de vida ha mejorado considerablemente y uno de sus hijos ha podido acceder a la educación superior. Su mayor sueño es que su negocio siga creciendo, por lo cual se encuentra solicitando un crédito para la compra de una estantería e insumos para la venta de productos en su salón de belleza.
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.