Ginna has a seven-year-old son, lives with her partner, and has experience in the field of cosmetology. For 12 years, she has had a hair salon in her home, running her business with the assistance of one employee. Ginna dreams of having her own location where she can continue building her skills every day and go on providing excellent service.
With this loan, she will buy construction materials to make improvements to her business, giving it a better and more welcoming feel. She will also stock her salon with beauty creams, conditioners, dyes, and treatments. This will multiply her revenues and she'll be able to complete her development as a cosmetologist.
Ginna tiene un hijo de 7 año, vive con su pareja, tiene experiencia en el gremio de la belleza cosmetológica; gracias a ello, desde hace 12 años tiene una peluquería en su casa, desempeñando su actividad con el apoyo de otra empleada. Ginna sueña con tener su propio local paran continuar capacitándose cada día más y seguir ofreciendo de esta forma un excelente servicio, con el préstamo comprará materiales de construcción para hacerle mejoras al negocio dándole una mejor y agradable presentación, también surtirá adquiriendo cremas de belleza, acondicionadores, tinturas, tratamientos, etc. Sus ingresos se multiplicarán y podrá terminar su capacitación de belleza y cosmetología.
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.
A loan of $625 helped Ginna Alejandra buy construction materials to make improvements to her business, giving it a better and more welcoming feel and to stock her salon with beauty creams, conditioners, dyes, and treatments.