Aura, 64, has three children. One of them has problems and it was recommended that he turn to a rehab center. Aura requested a 400.000 loan to buy sandals, plastic containers and bags which are what generate income for family support. She works in a portable stand for approximately 15 hours a day, from 2am-5am. She’s a very hardworking woman who very much wants to get ahead and to be able to expand her business with this loan.
Aura, es una señora de 64 años y tiene 3 hijos, uno de ellos tiene problemas y se le recomendó recurrir a un centro de rehabilitación, la señora Aura solicito un crédito de $ 400.000 para la compra de sandalias, recipientes plásticos y bolsas que es lo con lo que genera el sustento para su familia, ella trabaja aproximadamente 15 horas cada día, en un puesto transitorio de 2am a 5pm, es una mujer muy luchadora con ganas de salir adelante; y con esto poder ampliar su negocio.
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.