Pedro is a tireless fighter who has never given up in face of difficulties because twenty years ago when he was laid off from his job he decided to start independently selling various products downtown.
At present, having become well known in the sector, Pedro sells seasonal items during the different times of the year. Even though being a street vendor is difficult during the rainy season this has not been an impediment for his getting ahead.
He needs a loan now to buy larger amounts of articles of clothing to improve his profits.
Pedro es un luchador incansable que nunca se ha rendido ante las dificultades pues hace 20 años cuando fue despedido de su empleo decidió empezar como independiente en el centro de la ciudad a vender diferentes productos.
Hoy después de ser reconocido en el sector, Pedro se dedica a vender mercancía propia de las diferentes épocas del año y aunque por ser vendedor ambulante enfrenta con dificultad las épocas de lluvia, esto no es un impedimento para salir adelante.
Actualmente necesita de un préstamo para comprar mayor cantidad de prendas y así mejorar sus ganancias.
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.