Luis Fernando is a hardworking and dedicated man. He is married and has 3 children. He has been a cobbler for the last 25 years and now, in his 56th year, he lives alone with his wife. However, he has not abandoned his small business as, according to him, he is happy pleasing his customers with the perfect shoes for every one of them.
His dream is to be able to work and be useful until his final days. That is why he is currently asking for a loan to purchase consumables to bring out a line of shoes and buy some sandal designs for the season bonuses and in this way manage to improve his income and proportionately improve his and his wife's quality of life.
Luis Fernando es un hombre trabajador y dedicado, casado y con 3 hijos, desde hace 25 años se dedica al oficio de fabricar calzado y hoy a sus 56 años de edad, vive solo con su esposa, pero no abandona su microempresa ya que según sus palabras, es feliz complaciendo a su clientela con los zapatos ideales para cada uno.
Su sueño es poder trabajar y ser útil a su familia hasta sus últimos días, por eso actualmente solicita un préstamo para poder comprar insumos para sacar una producción y comprar algunos diseños de sandalias para la temporada de aguinaldos, y lograr de este modo mejorar sus ingresos y proporcionalmente mejorar la calidad de vida de el y su esposa.
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.