49-year-old Aura is a single mother. She has a seven-year-old daughter who she wants to offer a better quality of life to, free from financial lack.
For more than five years, after enduring the abandonment of her husband, Aura started selling merchandise, a job she does from her house that allows her to do the housework and look after her daughter. Thanks to her work, currently this woman can cover the household costs.
Her greatest dream is to move her family forward and position her business to increase her income. Because of this she is applying for a loan to buy merchandise (products for personal use and beauty products).
Aura de 49 años de edad, es madre soltera de una hija de siete años de edad, a la cual desea ofrecerle una mejor calidad de vida, apartada de toda carencia económica. Desde hace más de cinco años, después de padecer el abandono de su esposo, Aura inició con la venta de mercancía, actividad que realiza desde su vivienda y le permite realizar las labores domésticas y cuidar de su hija. Gracias a su trabajo hoy esta mujer puede solventar los gastos de su hogar.
Su mayor sueño es sacar adelante su familia y lograr posicionar su negocio para aumentar sus ingresos, debido a esto se encuentra solicitando un crédito para la compra de mercancía (productos de uso personal y 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.