Mr. Osvaldo is 46 years old and is a father to three children of 10, 7 and 6 years of age. Mr. Osvaldo has dedicated his whole life to selling fruits and vegetables as a street vendor without a specific space. Six years ago he was able to get a permit that allowed him to have a permanent place to sell his merchandize. Mr. Osvaldo works only from 9:00 a.m. to 9:00 p.m. Monday through Saturday. He wants to buy a variety of fruits like apples, pears and grapes to increase his income and improve the quality of life of his family. In the future, Mr. Osvaldo wishes to have another business that will allow him to create jobs for his family.
El señor Osvaldo a sus 46 años de edad es padre de tres hijos de 10, 7 y 6 años de edad. El señor Osvaldo se ha dedicado durante toda su vida a la venta de frutas y verduras de manera ambulante, es decir, en la calle sin un lugar fijo. Desde hace 6 años pudo conseguir el permiso de la entidad correspondiente, quien le brindo un espacio fijo para vender sus productos. El señor Osvaldo trabaja solo en una jornada de 9:00 am a 9:00 pm de lunes a sábado. El señor Osvaldo desea comprar surtido de frutas como manzana, peras y uvas con el fin de aumentar sus ingresos y así mejorar la calidad de vida de su familia. A futuro el señor Oswaldo desea tener otro negocio con el cual pueda generar empleos directos a su familia.
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.