62-year-old Gloria made a living for more than eight years by dressmaking, but four years ago she decided to dedicate her time to renting out scaffolding due to the demand in the sector for this service. She works daily with her spouse from 6:00am until 8:00pm. She is now requesting a loan, which she will invest in purchasing scaffolding with the goal of expanding her services and improving her earnings. Her greatest wish is to get together the necessary money to purchase her own home and improve her family’s quality of life.
Gloria de 62 años de edad, se dedicó por más de ocho años a la confección a terceros, pero desde hace cuatro años decidió dedicarse al alquiler de andamios debido a la demanda en su sector por este servicio. Labora diariamente en compañía con su esposo de 6:00 am hasta las 8:00 pm. Hoy se encuentra solicitando un crédito que invertirá en la compra de andamios con el fin de ampliar su servicio y mejorar sus ingresos. Su mayor deseo es reunir el dinero necesario para la compra de su propia vivienda y mejorar la calidad de vida de su grupo familiar.
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.