Luz, 50, is a woman who is motivated by the desire to see her 19 year-old son become an accomplished professional.
Ever since she was young, Luz Magnolia has been a dressmaker, a trade she learned thanks to her family. She now works independently from her home, and with this activity she generates income to support the household. In order to improve her productivity and income, she is requesting a loan to buy a double-needle sewing machine. She wants to become well-known in her neighborhood so that demand for her business will increase, and she can offer her family a better quality of life.
Luz de 50 años, es una mujer motivada por el deseo de ver a su hijo 19 años de edad realizado en el ámbito profesional.
Luz Magnolia desde joven se ha dedicado a la confección, oficio que aprendió gracias a su familia. En la actualidad labora como independiente desde su casa, actividad con la que genera los ingresos para el sostenimiento de su familia. Con el fin de mejorar su productividad e ingresos se encuentra solicitando un crédito que destinará para la compra de una máquina de dos agujas. Desea ser reconocida en el sector con el fin de aumentar su demanda y ofrecerle a su familia una mejor 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.