A loan of $1,575 helped to pay off a debt with an informal moneylender and to buy bales of used clothing.


Catalina's story

With a loan of 62,100 pesoso, Catalina is able to pay off a debt with an informal moneylender as well as buy bales of used clothing. Two years ago, Catalina took out a loan from an informal moneylender to buy a taxi and since then has been unable to sleep well thinking about her debt. She does well with the taxi, making enough to help her husband at home. The problem is the monthly interest rate is over 25% and oftentimes, they only have enough to pay the interest and they can't pay anything towards the capital. Catalina feels like she has paid the money she borrowed three times over and she still owes more than half. In addition to paying off the debt, she is thinking to buy bales of used clothing to open an informal shop in her home (a very popular business in the Dominican Republic) and in this way generate extra income during the times when the demand for taxi service is low.

Translated from Spanish by Kiva volunteer LeeJay Victor


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