Alba Rosa, fifty-six, has earned her living as a seamstress since separating from her husband. Due to her situation, she found herself in need of employment to support their two children. She worked for many years in various sewing workshops, and then decided to go out on her own. She bought a sewing machine and started mending dresses for the neighbors. Now she makes all kinds of items, particularly school uniforms. She is seeking a loan to buy fabric to make uniforms for the start of the school year. Her greatest dream is to be able to buy her own house because most of her income goes to rent such that oftentimes there is a lack of food.
Alba Rosa de 56 años de edad se ha dedicado a la confección desde que se separó de su esposo, Debido a esta situación se vio en la necesidad de tener que emplearse para buscar el sostenimiento de sus dos hijos. Laboró por muchos años en diferentes talleres de confección. Posteriormente decidió independizarse, compró una máquina de coser en la cual comenzó realizando arreglos de modistería a sus vecinos. Hoy elabora todo tipo de prendas, en especial uniformes para instituciones educativas. Se encuentra solicitando un crédito para las compra de tela que empleará en la elaboración de uniformes para la temporada de inicio de clases. Su mayor deseo es poder adquirir casa propia, ya que la mayoría de sus ingresos los destina para el arriendo, teniendo que pasar en muchas ocasiones por carencia de alimentos.
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.