María Leticia is 61 and separated with 10 children. She is a living example of the strength that women have. She is a home maker, meaning every day she has to wake up early to do all the chores, and later, go to work selling jam and slushies outside of various schools in her area.
Her sales have been affected because her cart urgently needs some replacement parts, and she does not have the money to make the necessary changes. Therefore, she is turning to a loan to be able to work again as soon as possible. Her biggest dream is to have a location where she can sell her products in a constant manner, since on many occasions climate factors have gotten in the way of her making sales.
María Leticia de 61 años de edad, separada y con 10 hijos, es un vivo ejemplo de la pujanza que tenemos las mujeres. Es ama de casa, lo que implica que todos los días debe levantarse muy temprano a realizar sus quehaceres y luego dedicarse a la venta de mermeladas y granizados a las afueras de varios colegios de su localidad. En estos momentos su actividad se ha visto afectada porque su carrito necesita con urgencia algunos repuestos y no cuenta con el dinero para realizar los cambios correspondientes, por dicho motivo recurre a un crédito para iniciar cuanto antes con su actividad. Su mayor sueño es poder tener un local en el que pueda vender sus productos de manera constante, ya que en muchas ocasiones los factores climáticos le impiden realizar sus ventas.
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.