Luz Ángela Morales, who is 52, is married but has no children. A determined and enterprising woman, she set up her restaurant with the profits from the home dressmaking workshop in which she employs other local people. She is applying for a loan to buy a fridge for the restaurant since the one she had got damaged, causing the contents to be spoiled and her profitability affected. Her greatest ambition is to see her business grow and survive over time and to buy the premises where her restaurant is currently located.
Luz Ángela Morales es una señora de 52 años de edad, es casada y no tiene hijos. Es una mujer luchadora y emprendedora, ya que montó su restaurante con las utilidades que le ha dejado el taller de confección que se encuentra ubicado en su casa y, con el cual le brinda empleo a otras personas del sector. El crédito lo solicita para comprar una nevera para el restaurante ya que la que tenía se le dañó y se está viendo afectada su rentabilidad debido a que se le dañan los productos. Su mayor sueño es hacer que su negocio crezca y perdure en el tiempo y poder comprar el local donde se encuentra ubicado actualmente.
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.