Alba María G. Q. has worked on farms her whole life and she depends on farming to survive. She has had to work harder than ever since she split from her husband but her income--even with help from her children--doesn't stretch far enough to cover all the family's expenses. Alba has a large family that includes 6 children.
Alba needs a loan to make up the amount she needs to buy a cow for her milk business.
Alba María G. Q. es de origen campesino y desde pequeña ha aprendido las labores del campo para sobrevivir. Desde que se separó de su esposo Alba ha tenido que trabajar fuertemente pues aunque algunos de sus hijos trabajan no alcanza para cubrir los gastos de la numerosa familia conformada por 6 hijos.
Es así como Alba actualmente necesita de un prestamos para completar el dinero que le hace falta para comprar una vaca y así producir leche para vender y obtener ingresos adicionales.
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.