José is 52 years old, and single, without children. He comes from a very poor family, which is why from a very early age he saw the necessity of looking for work in order to help his parents and he began at that time to sell lottery tickets. He also, on and off, sells other types of merchandise such as clothes, accessories and fashionable items.
José dreams of having his own home where he can have a place to rest peacefully with the certainty that nobody will kick him out, and this is why he working to achieve it, and why he needs a loan to buy merchandise and lottery tickets for the end of the year when profits increase as sales increase.
A sus 52 años de edad, José es un hombre soltero y sin hijos, proviene de una familia muy pobre, razón por la cual desde muy pequeño se vio en la necesidad de buscar un trabajo para ayudar a sus padres, y comenzó desde ese entonces a vender Lotería, por temporadas también vende otro tipo de mercancía como ropa, accesorios y artículos de moda.
José, sueña con tener su propia casa para tener un lugar donde descansar tranquilo y con la certeza que nadie lo va sacar de allí, es por eso que actualmente trabaja para conseguirlo, y por eso necesita un préstamo con el fin de comprar la mercancía y las loterías para fin de año donde las utilidades por el aumento de ventas se aumentan.
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.