María is a 50 year woman, very hard working, and who 8 years ago, from the moment of her separation, was obligated to look for a source of income for her and her two children. For this she worked in the sale of catalog merchandise and special order clothing sales. She hopes to invest the loan in the purchase of more merchandise like accessories, perfume, clothes, cosmetics, and other products with the goal of having a good selection for holy week. She dreams of having a corner store and her own house in addition to increasing her income and improving her quality of life.
María es una mujer de 50 años, muy trabajadora y quien desde hace 8 años, en el momento de su separación se ve obligada a buscar una fuente de ingresos para ella y sus dos hijos, por lo cual se dedicó a la venta de mercancía por catálogo y venta de ropa por encargo. Ella piensa invertir el crédito en la compra de más mercancía como accesorios, perfumería, ropa, cosméticos y otros productos, con el fin de tener buen surtido para la época de semana santa. Sueña con montar una miscelánea y con tener casa propia, además de incrementar sus ingresos y mejorar su nivel de vida.
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.