Elizabeth, age 31, has three children; ages 9, 6, and 4. Elizabeth has been doing fingernails and toenails (manicures and pedicures) for three years. She does this to be able to take care of her family and to get her own income.
Elizabeth wants to buy work materials like nail polish, accessories, molds, nail clippers, files and body creams. She wants these items so that she has the work tools in order to meet the demand in the end of the year season. She also wants to improve her family’s quality of life.
In the future Elizabeth wishes to have her own place.
La señora Elizabeth a sus 31 años de edad es madre de tres hijos de 9, 6 y 4 años. La señora Elizabeth se dedica al arreglo de uñas de las manos y los pies (manicure y pedicure) desde hace tres años con el fin de poder cuidar a su familia y percibir sus propios ingresos. La señora Elizabeth desea comprar herramientas de trabajo como esmaltes para uñas, accesorios, moldes, cortaúñas, limas y cremas corporales, lo anterior con el fin de tener las herramientas de trabajo para suplir la demanda de la temporada de fin de año y a la vez mejorar la calidad de vida de su familia. A futuro la señora Elizabeth desea tener su propio local.
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.