Beatriz is a young 23-year-old who works making accessories out of silver and glass beads. She learned this activity through family tradition. Her mother has a store that she avails herself of to sell her products.
Thanks to this activity, Beatriz is able to pay for her university courses and helps her mother with household expenses. She’s requesting a loan to buy a soldering iron for silver and other merchandise needed in order to improve the quality of her products and to increase her income.
Beatriz, es una joven de 23 años de edad, quien se dedica a la elaboración de accesorios en murano y plata. Actividad que aprendió por tradición familiar. Su madre cuenta con un almacén el cual ella aprovecha para comercializar sus productos.
Gracias a esta actividad, Beatriz paga sus estudios universitarios y le colabora a su madre con los gastos del hogar. Se encuentra solicitando un crédito que invertirá en la compra de un soldador de plata y mercancía con el fin de mejorar la calidad de sus productos y aumentar sus ingresos.
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.