Nury Estella is 39 years old and for fifteen years has made a living as a hairdresser, cutting, dying and styling hair in a premises near her home in which she works every day from 9:00am to 8:00pm. This activity is her sole source of income to support her family.
She explains that she began this job thanks to free classes which were given in her neighborhood. She then started working in different beauty salons, until she decided to become independent.
Today, she is setting up a small premises, because previously, her business was located in her home, but she has been getting more and more customers and so she needed a new space. For this reason, she is requesting a loan to invest in making improvements to her business premises by buying paint for the salon front,bathroom and ceiling.
Nury Estella de 39 años de edad, se dedica desde hace 15 años a prestar su servicio de belleza consistente en el corte de cabello, tintura y cepillado en un local cerca de su vivienda y en el cual trabaja todos los días desde las 9:00 a.m hasta las 8:00 p.m. Actividad que se ha convertido en la única fuente de ingresos para el sostenimiento de su núcleo familiar.
Cuenta que inició con la actividad gracias a clases gratuitas que le dieron en su barrio y luego comenzó a laborar en diferentes salones de belleza, hasta que decidió independizarse. Hoy se encuentra adecuando un pequeño local debido a que el negocio lo tenía en su residencia, pero su clientela ha ido aumentando, lo que generó la necesidad de un nuevo espacio. Debido a esto se encuentra solicitando un crédito que invertirá en adecuaciones locativas (pintura para la fachada, baño y cielorraso)
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.