Update on Luisa FernándaLuisa, 19, makes a living as an independent vendor by selling products from a catalogue. She found out about this work from a friend who invited her to a conference of a business that sells food from a catalogue. However, Luisa didn't see potential in that publication, so she decided to start selling beauty products and so far she's had very good results. This work allows her to earn the income she needs to pay household expenses.
Luisa is young, active, enterprising, and thriving. She has an attitude of overcoming obstacles and she has the motivation to look for ways she can move forward. This is why she is requesting this loan to buy wholesale merchandise such as perfume, cosmetics, accessories, personal hygiene products, and more. Then she can improve the discounts and promotions they offer and stock up her inventory for the Christmas season with a larger variety of items to satisfy her customers' needs and tastes. This will be reflected in increased sales and will positively and directly affect her personal income. With this extra income, she can keep moving forward and achieve her primary goal of opening a store for merchandise that will be successful and recognized in the area. This will also allow her to enjoy the future with economic stability and a better quality of life.
Previous Loan DetailsLuisa Fernanda is 18 years old and is full of dreams and with a clear life’s path. She is finishing her bachelor’s degree but she already sees herself as a great entrepreneur. She works hard and loves business, so she sells products via catalog so that she can save up for her university studies... More from Luisa Fernánda's previous loan »
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.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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