Update on Claudia PatriciaClaudia is 40 years old. She works as an independent merchant selling clothes, accessories and lotions. She says she learned the activity thanks to an opportunity she had to work in a store.
Today she feels satisfied with the the decision she made because her business brings in good earnings. This allows her to guarantee her family a better quality of life. Today she is asking for a loan that she will invest in buying merchandise because Mother's Day is coming up. This will allow her to increase her sales volume, generating better income.
Her biggest dream is expanding her business and open her own clothing store.
Hoy se siente satisfecha por la decisión que tomó debido a que su negocio le deja buenas ganancias, lo que le permite garantizarle a su familia mejores condiciones de vida. Hoy se encuentra solicitando un crédito que invertirá en la compra de mercancía debido a que se acerca el día de madres, lo que le permitirá aumentar su volumen de ventas generándole mejores ingresos.
Su mayor sueño es expandir su negocio y abrir su propia tienda de ropa.
Previous Loan DetailsClaudia has dedicated much of her life to selling. She used to work for large department stores where she leaned a great deal about sales. But Claudia felt like she was being exploited and her work was not valued. So she decided to become independent and set up her own clothing sales activity.... More from Claudia Patricia's previous loan »
Important InformationThis 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.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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Success!! The loan was 100% repaid
- Repayment Term
- 26 months (Additional Information)
- Repayment Schedule
- Apr 5, 2013
- Apr 23, 2013
- Currency Exchange Loss:
- Apr 17, 2014
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.