María Estella, 68, is originally from the countryside. She has worked in her store for more than fifteen years, something that helped her raise her children and pay for their education. With her hard work and discipline, she has managed to keep her business going, although she recognizes that she has been close to closing it due to some customers owing her money and not paying it back. She decided not to sell on credit anymore.
María is now requesting a loan to buy staple food supplies with the intention to offer a better service and to improve her income.
María Estella de 68 años de edad, es de origen campesino, trabaja en su tienda desde hace más de 15 años. Con la cual logró sacar adelante a sus cuatro hijos y brindarles educación. Con su esfuerzo y disciplina ha logrado mantener en pie su negocio, aunque admite que en ocasiones ha estado apunto de cerrar su local, debido a que algunas personas no le cancelan lo que les vende, por lo cual tomó la decisión de no vender a crédito.
En la actualidad María se encuentra solicitando un crédito para la compra de productos de la canasta familiar, con el fin de ofrecer un mejor servicio y mejorar sus ingresos económicos.
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.