Nohelia is 50 years old and makes a living making corn pancakes. She has been doing this for over 15 years and this has been the income source that has supported her four children. Given that she is a single mother, Nohelia must earn the necessary money to provide food, shelter and an education for her family. Nohelia is underemployed, though, so that she can look after her children.
Nohelia's biggest dream is to improve her quality of life at home, which is why she is applying for a loan that she will use to build a new coal stove with a metal grill and to improve the chimney. This will allow her to increase her production and her income.
Nohelia de 50 años de edad, se dedica a la producción arepas, desde hace más de 15 años, actividad que se ha constituido es su fuente de ingresos para el sostenimiento de sus cuatro hijos. Por su condición de madre soltera, esta mujer debe ocuparse de generar los ingresos necesarios para la alimentación, vivienda y educación de su familia. Razón por la cual decidió subemplearse y estar pendiente del cuidado de sus hijos.
Su mayor deseo es mejorar la calidad de vida de su hogar, por lo cual se encuentra solicitando un crédito que destinará para la construcción de un nuevo fogón de carbón, con parrilla metálica y mejoramiento de la chimenea, con el propósito de aumentar su producción y aumentar sus ingresos.
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.