Daniela is an enterprising and hardworking woman who enjoys being active and traveling in order to sell her products. As a result, the income she earns helps to sustain her household. The loan she is requesting will be invested two ways. First of all, she will buy more merchandise (hats) valued at 503,000 COP. She will also pay off an outstanding debt currently valued at 497,000 COP.
This is the third time she has requested a loan from Interactuar. Her greatest wish is to have her own shop where she can sell her products and become well-known. This would enable her to generate more income and improve her quality of life.
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