Luz has already received 11 loans from Interactuar and her current request will be used to buy supplies in bulk (fabrics, thread, and buttons) and to pay for the maintenance of her machines. As a result, she will be able to offer a variety of goods to satisfy the tastes of her customers as well as provide better quality in her finished products. Her main goal is to increase her income so that she can acquire a house of her own and provide a better quality of life and the best well-being 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