María Fernanda, 22, has worked from a young age to buy her personal things and contribute to the household expenses. She began working at a friend's fast-food business and later decided to go out on her own to sell health, beauty, and household products from Amway. She works every day, selling her merchandise around the neighborhoods of Rionegro, Colombia. Her medium-term goal is to set up a store to sell her products along with clothing and accessories.
Currently she wants to expand the products she sells, so she's requesting a loan to buy stock for the holiday season.
Her biggest desire is to become a successful micro-entrepreneur and be able to give her mother a better quality of life.
María Fernanda tiene 22 años de edad y desde joven se ha dedicado a trabajar para comprar sus cosas personales y colaborar con los gastos del hogar. Comenzó laborando en un puesto de comidas rápidas de un amigo y posteriormente decidió independizarse y comenzó a vender productos Amway para la salud, belleza y hogar. Labora todos los días recorriendo los barrios de Rionegro, Colombia ofreciendo su mercancía. Su proyecto a mediano plazo es montar un almacén para vender sus productos y combinarlo con la venta de ropa y accesorios. En la actualidad desea expandir la oferta de productos por lo cual se encuentra solicitando un crédito para la compra de surtido en la temporada de fin de año. Su mayor deseo es convertirse en una microempresaria de éxito y poderle dar a su madre una mejor calidad de vida.
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.