At 51 years old, after being unemployed for three years, Albeiro began working as a recycler in the town of El Carmen de Viboral, located to the east of Antioquia. He stores the materials that he collects in a small storage facility behind his house, and every time he has enough materials, he sells them to junkyards in El Carmen de Viboral and Rionegro.
Due to an accident that Albeiro suffered some months back, he finds himself with little working capital and still suffers from some physical problems. As a result, he hopes to buy some recycled materials to allow his business to recover, which will provide the minimum income to support his family.
A sus 51 años, el señor Albeiro luego de quedarse sin empleo hace tres años, inicio a trabajar como reciclador en el municipio de el Carmen de Viboral localizado al oriente de Antioquia, desde entonces almacena en una bodega ubicada en la parte trasera de su casa los materiales que recoge y cada que tiene una cantidad bastante grande la vende a chatarrerías del Carmen de Viboral y Rionegro. Debido a un accidente que sufrió el señor Albeiro meses atrás se encuentra con poco capital de trabajo y aún sufre algunas molestias físicas, es por esto que tiene la esperanza de comprar material reciclado para recuperar un poco su negocio, el cual le brinda los ingresos mínimos para el sustento familiar.
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.