Ingrid, 38 years old, is the mother of two children, who are 12 and 18 years of age. Five years ago she decided to open a business in her home in order to generate an income that would enable her to support her household and provide an education for her children.
She wants to be able to position her beauty salon in the area so as to increase her sales and generate more earnings, which will enable her to have a better quality of life. Her greatest dream is to see her children educated and to see them become fine professionals. This goal has inspired her to request a loan so that she can purchase beauty products and thereby expand her services and convert her business into the number one beauty salon in the area.
Ingrid de 38 años, es madre de dos hijos de 12 y 18 años de edad, desde hace 5 años decidió montar un negocio en su casa con el fin de generar ingresos que le permitieran sostener su hogar y brindarles educación a sus hijos. Desea poder posicionar su salón de belleza en el sector con el fin incrementar sus ventas y generar mayores ingresos que le permitan tener una mejor calidad de vida. Su mayor sueño es ver formados a sus hijos y verlos convertidos en grandes profesionales. Motivos que la han impulsado a solicitar un crédito con el que espera financiar la compra de productos de belleza con el fin de ampliar su portafolio y convertir su negocio en el número uno del sector.
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.