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Rafael has been in the taxi business for fifteen years. After renting for many years, he decided to purchase a taxi.

When he bought his taxi, Rafael found no options for financing other than a high-interest loan from an informal moneylender, also known as a "prestamista" or "loan shark." Because these loans have a very high interest rate -- between 60-120% APR (sometimes charged weekly) -- many borrowers, like Rafael, cannot stay current with payments. Rafael was paying several hundred dollars a week just in interest. He is currently asking for an ACCION USA loan to help pay off this predatory debt for his taxicab and begin to improve his livelihood.

He has a very long-standing relationship with his taxi company and, in the future, he hopes to have a taxi corporation of his own with 20-30 drivers! In this video, he talks about how he started out as a "taxista" and how he purchased his vehicle.

About United States

  • $47,000
    Average annual income
  • 16
    View loans »
    United States Loans Fundraising
  • $11,097,050
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $8,000 helped Rafael to pay off high-interest predatory debt for a taxi.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Nov 11, 2009
Listed
Nov 22, 2009
Currency Exchange Loss:
N/A
Ended:
Jan 15, 2012