Olga is an enterprising and dedicated woman who strives to help her two children get ahead by generating income to satisfy the needs of her household. The loan she is requesting from Interactuar will be used to buy inventory (pastries, sodas, prepared sandwiches, and candy) so that she can offer other alternatives to her customers, increase her sales, and generate more profit. As a result, she will be able to provide an excellent education for her children.
Her goal is to grow her business so that it becomes well-known and stable over time. This will enable her to provide financial security and a better quality of life for her family.
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.
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Success!! The loan was 100% repaid