Noralba is 51 years old. She has six children and has worked all her life to give them the best opportunities in life. For the past four years she has been running her own business selling food and beverages. She was able to open this business after years of hard work and sacrifice. Today, thanks to this activity, her family enjoys a better quality of life and they don’t lack any of the basic necessities.
Her biggest dream is to make her business the best known in her area. For this reason she is requesting a loan to buy a cooler, a coffee maker and a pot in order to better serve her customers.
Noralba de 51 años de edad es madre de seis hijos y toda su vida se ha dedicado a laborar con el fin de brindarles mejores oportunidades de vida. Desde hace cuatro años trabaja en su propio negocio el cual logró abrir gracias a su esfuerzo, años de trabajo y sacrificio, en el que se dedica a la venta de alimentos y bebidas. Gracias a su actividad hoy su familia goza de una mejor calidad de vida y no carecen de ninguna necesidad básica.
Su gran sueño es posicionar su negocio y convertirlo en el más reconocido de su localidad, por lo cual se encuentra solicitando un crédito que destinará en la compra de un enfriador, greca y olla para la prestación de un mejor servicio.
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.