Carmen, at 63 years old, is full of life and with projects that she wants to put into action. Given her difficult financial situation, Carmen has had to deal with many difficulties and work as a domestic servant for various families. She currently makes a living selling fast food from her home, which she does as well as selling catalogue products. She does this work in order to earn money to support her family.
Carmen is applying for a loan that she will invest in buying basic staple goods to prepare food. She hopes that, with this investment, she will be able to improve her finances and quality of life.
Carmen a sus 63 años de edad, es una mujer llena de vida y con un proyecto claro por cumplir. Debido a su precaria condición económica, ha tenido que a travesar por muchas dificultades y laborar como empleada doméstica en varias casas de familia. En la actualidad se dedica a la venta de comidas rápidas desde su vivienda, actividad que alterna con la venta de productos por catálogo, con el fin de generar los recursos para el sostenimiento de su familia.
Se encuentra solicitando un crédito que invertirá en la compra de productos de la canasta familiar para la preparación de alimentos. Espera que con dicha inversión pueda mejorar su condición económica 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.