Berenice, 57, is an enterprising woman who very much wants to improve her quality of life. For the last six years she’s been making and selling fast-food and fried snacks. She works every weekend and insists that thanks to her business she generates income to support her home.
Aiming at continuing developing this activity, Berenice is asking for a loan she’ll use to buy supplies and to repair her fast-food cart. She hopes to improve her level of sales and to enjoy a dignified old age alongside her family that she so loves.
Berenice de 57 años de edad, es una mujer emprendedora y con deseos de mejorar su calidad de vida, Desde hace seis años se dedica a la elaboración y venta de comidas rápidas y fritos. Labora todos los fines de semana y asegura que gracias a su negocio genera los ingresos para el sustento de su hogar.
Con el ánimo de continuar con el desarrollo de su actividad, Berenice se encuentra solicitando un crédito que invertirá en la compra de surtido y reparaciones al carro de comidas rápidas. Espera mejorar su nivel de ventas y gozar de una vejez digna al lado de su familia que tanto ama.
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.