At 58 years old, Ruth sells food products in a small store located in the city of Medellín. This allows her to earn the necessary income to support herself and her son. Her husband died years ago, so Ruth had to be father and mother at the same time.
Due to weather conditions, sales are still down, so she is applying for a loan to buy stock (liquor, beer, snacks, and basic household goods). Her goal is to broaden her array of services and reactivate sales.
She hopes to improve her economic condition and be able to enjoy old age without financial worries.
A sus 58 años, la señora Ruth se dedica a la venta de productos alimenticios en un pequeño local ubicado en la ciudad de Medellín, el cual le permite generar los ingresos necesarios para su sostenimiento y el de su hijo. Su esposo murió hace varios años, por lo cual Ruth le tocó ser padre y madre al mismo tiempo.
Debido a las condiciones climáticas, las ventas aún disminuido, por lo cual se encuentra solicitando un crédito que invertirá en la compra de surtido (licor, cerveza, mecatos y productos de la canasta familiar) con el propósito de ampliar su portafolio de servicios y reactivar las ventas.
Espera mejorar su condición económica y poder disfrutar de una vejez alejada de las preocupaciones monetarias.
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.