Update on Luz MarinaLuz Marina is the single-mother head of her household of three children for whom she fights so she can offer them a good education.
Luz opened her beauty salon to generate income and to make the most of her talents in field of beauty so she can support her family.
She assures us that the quality of life in her home has improved thanks to her work. She is currently asking for a loan to update some equipment and furniture.
One of her greatest wishes is to grow and expand her business so that it can become a source of employment for the people in her community who need it most.
Con el fin de generar ingresos y aprovechar sus habilidades para el área de belleza, Luz decidió abrir su salón de belleza y generar mayores ingresos para el sostenimiento de su familia.
Asegura que la calidad de vida en su hogar ha mejorado, gracias a su labor. En la actualidad se encuentra solicitando un préstamo para la renovación de algunos equipos y muebles.
Uno sus mayores deseos es crecer y ampliar su negocio para convertirse en una fuente de empleo para las personas más necesitadas de su comunidad.
Previous Loan DetailsLuz Marina learned the beauty salon business when she worked at different salons over a long period of time. In this way she was able to support her three children who are now 12, 15, and 18 years old. The main difficulty she has at home is that she's a single mother and the head of the household,… More from Luz Marina's previous loan »
Important InformationThis 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.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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