Carmelo is originally from Urabá in Colombia, a place he had to leave owing to the critical level of violence that the town was experiencing. Since then he has been living in Itagüí, a town in the metropolitan area of Medellín, where he has his own business selling and repairing cell phones as well as taking photos. At 65 years of age, this entrepreneur feels proud that he has successfully searched for a new way of life and a way of earning his own income.
Carmelo's dream is to turn his business into the most well known in his area. He currently needs a loan to buy cell phones and cell phone accessories which will make him more income.
Carmelo es oriundo de Urabá-Colombia, lugar que tuvo que abandonar debido a la crítica situación de violencia que vivía la ciudad, desde entonces se radicó en Itagüí, municipio del Área Metropolitana de Medellín donde tiene su propio negocio de venta y reparación de celulares, así como toma de fotografías, pues a sus 65 años de edad este emprendedor se siente orgulloso de rebuscarse la forma de vivir y generar sus propios ingresos.
Convertir su negocio en el más reconocido de la zona es el sueño de Carmelo quien actualmente necesita de un préstamo para comprar equipos celulares y accesorios para los mismos, lo que le generará mayores ingresos.
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.