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María Ofelia
María Ofelia, 64, lives in the municipality of Carmen de Viboral. She’s been working as a dressmaker for the last 30 years. She works every day until noon and in the afternoon she heads out to do various housekeeping chores in family homes in order to earn income and cover her expenses.

Her great dream is to be able to set up her workshop and work full-time making clothes which is why she’s asking for a loan to buy a second-hand sewing machine so she can provide better service and improve her economic situation. She hopes to spend a dignified old-age without economic worries and to do so she needs to save up because she’s a single, childless woman with no other sources of income.
View original language description ↓
María Ofelia de 64 años de edad, reside en el municipio del Carmen de Viboral. Desde hace 30 años se dedica al oficio de la confección directa. Labora todos los días hasta las doce del medio día y en la tarde se dirige a realizar oficios varios en casas de familia, con el fin generar mayores ingresos y solventar sus gastos.
Su gran sueño es poder montar su taller y dedicarse de tiempo completo a la confección, por esta razón se encuentra solicitando un crédito para la compra de una máquina plana de segunda, con la que prestará un mejor servicio y podrá mejorar su situación económica. Espera tener una vejez digna sin preocupaciones económicas y para conseguirlo necesita ahorrar ya que es una mujer soltera, sin hijos y sin entradas financieras alternas.

Additional Information

Important Information

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.

About Colombia

  • $6,070
    Average annual income
  • 297
    View loans »
    Colombia Loans Fundraising
  • $14,007,675
    Funds lent in using Kiva
  • 1,791.3
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $200 helped María Ofelia to buy a second-hand sewing machine.
100% repaid
Repayment Term
10 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jan 31, 2013
Listed
Mar 1, 2013
Currency Exchange Loss:
Covered
Ended:
Sep 22, 2013