Diana is 45 years old. She works in a restaurant as a waitress, but since she is a single mother, she began to look for a different line of work with the goal of both increasing her income and guaranteeing her two children better living conditions. That led her to selling products by catalog. She has seen good results, which is why is she is seeking this loan, which she will invest in purchasing her products at wholesale. This will let her improve her economic situation as well as guarantee her children the opportunity for accessible higher education.
Diana de 45 años de edad, labora en un restaurante como mesera, pero debido a su condición de madre soltera, buscó una actividad alterna con el fin de aumentar sus ingresos y garantizarles a sus dos hijos mejores condiciones de vida. Razón que la motivó a dedicarse a la venta de productos por catálogo. Asegura que ha tenido buenos resultados, por lo cual se encuentra solicitando un crédito que invertirá en la compra de productos al por mayor, lo que le permitirá mejorar su condición económica y garantizarles a sus hijos la oportunidad de acceder a la educación superior.
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.