She is requesting a loan so that she can buy a new fast food cart and have better working conditions. Her dream is to have a successful business that will help to improve her financial situation at home. She also dreams of providing a high-quality education for her daughter.
Su sueño es poder tener un buen negocio que le permita tener mejores condiciones económicas en el hogar y también sueña con poderle ofrecer a su hija una educación de mejor calidad.
Important InformationThis 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.
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