Magdalena is a 42-year-old woman, mother of two children living in a common law relationship with her current partner. She’s managed a beauty salon located in her home for the last nine years; she offers haircuts, brushing out and hair color, among others to neighbors in the sector where she lives. She’s a hardworking, dedicated person. She tends to the business alone working long work days according to her customers’ needs and earning income to support her home that way.
She wants to use the requested loan to buy supplies and work tools (scissors, brushes, hair color, shampoo, hair conditioner, and scalp treatment) and a display case to exhibit them in order to improve service with good quality products. Her main wish is to make the business grow and turn it into a beauty salon that is well-known throughout the municipality and to increase her income to provide better well-being for her family.
Magdalena es una mujer de 42 años de edad, madre de dos hijos y vive en unión libre con su actual pareja. Hace 9 años se dedica a atender la sala de belleza que está ubicada en su propia casa y ofrece los servicios de corte, cepillado, tintes, entre otros, a los vecinos del sector donde reside. Es una persona trabajadora y dedicada, atiende sola el negocio realizando largas jornadas de acuerdo a los requerimientos de sus clientes, así ha logrado obtener ingresos para apoyar el sostenimiento de su hogar. Con el crédito que solicita desea comprar insumos y herramientas de trabajo (tijeras, cepillos, tintes, shampoo, acondicionadores, tratamientos capilares) y una vitrina para exhibición, con el fin de mejorar el servicio que presta con insumos de buena calidad. Su principal anhelo es hacer crecer su negocio y convertirlo en una sala de belleza reconocida en todo el municipio, incrementar sus ingresos para brindar mejor bienestar a su familia.
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.