Mónica, 41, is the mother of two children. Seven months ago, her husband committed suicide, leaving her alone with the responsibility of educating her children and providing for her family’s well-being.
Mónica’s husband made a living selling drinks and providing a place to play slot machine games. She decided to continue operating his business in order to generate the necessary resources to support her household. Consequently she is requesting a loan to purchase drinks and to maintain the on-site slot machine games. She hopes this investment will improve her quality of life and provide her children with a good education.
Mónica de 41 años de edad es madre de 2 hijos, Su esposo desde hace siete meses se suicido, dejándola sola y a cargo de la educación y el bienestar de su familia. Su esposo contaba con un negocio dedicado a la venta de bebidas y juegos de maquinitas, por lo cual Mónica decidió tomar el negocio y administrarlo para generar los recursos necesarios para e sostenimiento de su hogar. Razón por la cual se encuentra solicitando un crédito para la compra de bebidas y la adecuación de las instalaciones locativas. Espera con esta inversión mejorar su calidad de vida y brindarles a sus hijos una buena educación..
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.