A loan of $1,000 helps Yuli Andrea with materials for making cushions and furniture.
Yuli Andrea’s story
Yuli is an enterprising 31-year old woman. She is a hard-working person who has a woodworking business. She makes cushions and household furniture. Her business was born out of a desire to improve her financial situation. Thanks to her business, she is able to eat and live better. Yuli is motivated by her business’s excellent results, and she will keep putting forth her greatest effort so that in the future she can buy her own home.
Yuli wants to request a loan so she can purchase supplies and materials for making cushions and furniture.
If you want to know more about the entrepreneurs and the loans from Interactuar, you can join the Lending Team called: “Friends of Interactuar Colombia”: http://www.kiva.org/team/interactuar_colombia
This loan is special because:
More about this loan
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.