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Luz Myriam

Update on Luz Myriam

Luz is a single mother and does everything possible so that her four-year-old son can have the best opportunities in life and get a good education. She lives in El Carmen De Viboral where she satisfies her customers' demands with good quality clothing at a very low price. She runs a shop selling clothing and accessories which is open every day from 10 am until 8 pm. She is a dedicated woman who always gives it her all. A loan will help her to buy a wider range of merchandise and stock her shelves with new clothes and a range of brands. This loan will help her to increase her level of sales and so increase her income and improve both her and her son's quality of life.
View original language description ↓
Luz es una madre soltera y hace hasta lo imposible para que su hijo de 4 años tenga las mejores oportunidades de vida y tenga una educación de calidad.
Ella vive en El Carmen De Viboral, desde allí satisface los deseos de sus clientes ofreciéndoles ropa de buena calidad a precios muy bajos.
Ella es dueña de un almacén de ropa y accesorio que atiende todos los días de 10:00 Am hasta las 8:00 Pm, es una mujer dedicada y de grandes esfuerzos.
Actualmente solicita el crédito para comprar un amplio surtido de mercancía y de este modo abastecer sus exhibidores con ropa nueva y marcas variadas.
Este préstamo le permitirá tener un mejor nivel de ventas y por ente un aumento en sus ingresos.
Mejorara su calidad de vida y la de su hijo.

Previous Loan Details

Luz is a person who has had to go through the great difficulty of being a single mother and the family head to her 3 year old son. To be able to maintain her home she has a clothing sales business with which she has been able to get her family ahead. The great difficulty of lack of capital has no... More from Luz Myriam's previous loan »

Additional Information

Important Information

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.

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.

Tags

About Colombia

  • $11,100
    Average annual income
  • 470
    View loans »
    Colombia Loans Fundraising
  • $15,266,950
    Funds lent in using Kiva
  • 1,885.0
    Colombia Pesos (COP) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $550 helped Luz Myriam to buy a range of clothes for her business.
89% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 21, 2014
Listed
Jun 19, 2014
Currency Exchange Loss:
Possible
Ended:
Jun 18, 2015