Mónica is 29 and sells tamales out of her home in order to contribute to the household expenses, since the money that her husband earns is not enough. Mónica is a woman full of dreams, one of which is to set up her own business for fast meals, but she considers this to be a project for the near future.
She is currently requesting a loan to purchase ingredients for making tamales, since the high quality and good service have led to many orders. She hopes to improve the finances of her family and improve their quality of life.
Mónica de 29 años de edad, se dedica a la venta de tamales desde su vivienda, con el fin de contribuir con los gastos del hogar, debido a que el dinero que gana su cónyuge no es suficiente.
Mónica es una mujer llena de sueños, uno de ellos es montar su propio negocio de comidas rápidas, pero considera que este será un proyecto a mediano plazo. En la actualidad se encuentra solicitando un crédito con el que comprará insumos para la preparación de tamales ya que por su calidad y buen servicio le han solicitado varios encargos. Espera mejorar la condición económica de su familia y su calidad de vida.
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.