José Uriel T. V. had an unfortunate accident five years ago. An accidental fall from the second floor left him disabled. He could not work any longer because he used to work in construction, and that required all of his faculties.
Due to this difficult situation, his life got much worse. That was when, in his desire to get ahead and generate his own income, he decided to start making lanterns and Christmas ornaments with recyclable materials.
Thanks to his drive and his enormous desire to get ahead, his business has grown considerably. He has the good fortune of getting new customers. That is precisely why he needs a loan to buy supplies. The supplies will allow him to have a greater production capacity. That will make his quality of life improve each day.
Hace 5 años José Uriel T. V. tuvo un infortunado accidente; al caer involuntariamente de un segundo piso quedó discapacitado, lo cual trajo consigo su imposibilidad para trabajar, puesto que se desempeñaba como oficial de construcción, labor que requería de todas sus facultades.
A raíz de esta difícil situación, su vida desmejoró mucho. Fue entonces cuando en su afán de salir adelante y generar sus propios ingresos, decidió empezar a hacer faroles y adornos navideños con materiales reciclables.
Gracias a su empuje y enormes deseos de salir adelante, su negocio ha crecido de manera considerable, teniendo la fortuna de conseguir nuevos clientes; es por ello precisamente, que requiere de un crédito para comprar insumos que le permitan tener mayor capacidad de producción y así mejorar cada día su calidad de vida.
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.