Francia is 46 years old and married. She has three children, one of whom is still a child. From a very young age, Francia's mother taught her to sell lottery tickets and Francia has now been doing this work for 19 years. Francia tells us that she likes this work because she can organise her own time. However, there are disadvantages, such as the lack of welfare state benefits and she will receive no pension. Francia dreams of give her youngest son a university education and of spending her old age on land with no financial problems. This loan will be used to buy more merchandise (lottery tickets) and to have stock and increase sales in order to gain greater profits. This will give Francia and her family a higher income and she will be able to continue paying for her son's education. He can then have a profession and share in his triumphs with his family.
Francia, es casada, con 46 años de edad y tiene 3 hijos, uno de ellos aún es menor de edad, desde muy joven su madre la enseñó en la venta de las loterías, desde hace 19 años desempeña esta labor, aunque manifiesta que la actividad le gusta porque maneja su propio tiempo pero tiene también desventajas porque no genera prestaciones sociales, ni pensión. Francia sueña con brindarle a su hijo menor una carrera y también con terminar su vejez en una casa finca sin problemas económicos. Con el préstamo solicitado ella podrá adquirir mercancía (loterías) y tener un stock y aumentar sus ventas y obtener grandes ganancias, lo cual mejorarían sus ingresos y la de su familia, y poder seguir costeando el estudio de su hijo para que sean un futuro profesional y poder disfrutar los triunfos con 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.