Estefany is 21 years old and works at her aunt’s bookstore. She has worked there for four years, and has learned a lot from her job thanks to the opportunity it has given her. She works Mondays to Saturdays from 8:00 AM to 7:00 PM. She alternates this activity with providing in-house beauty services on weekends. That way she can generate more income to support herself and her family. Estefany needs to purchase books and printed texts so that she can improve sales, and thus improve her family’s quality of life.
La joven Estefany a sus 21 años trabaja en una librería de una tía en la cual lleva cuatro años y ha aprendido de esta labor gracias a la oportunidad que le brindaron. La jornada de trabajo es de lunes a sábado desde las 8:00 a.m hasta las 7:00 p.m, esta actividad la alterna con el préstamo de servicios de belleza a domicilio los fines de semana y así puede generar mayores ingresos para su sustento y el de su familia. La joven Estefany requiere de la compra de libros e impresión de textos con el ánimo de mejorar las ventas y con estas la calidad de vida de 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.