José is 29 years old and the father of four children, ages 13, 9, 8 and 6. It is for their sake that he works day in and day out, at a shop that offers computer service, Internet, and video games from 9:00 a.m. to 8:00 p.m. His purpose is to offer his children a good quality of life and an education. José needs to purchase two computers and a video game so that he can improve his sales and the service he offers. This will allow him to support his family economically, since his wife is without a job. José's dream is to see his children grow up and to be able to generate jobs in his community.
El señor José a sus 29 años de edad es padre de cuatro hijos de 13, 9, 8 y 6 años de edad, por los cuales trabaja día a día en un local donde presta servicios de computadores, Internet y video juegos desde las 9:00 a.m. hasta las 8:00 p.m, con el ánimo de brindarles una buena calidad de vida y educación. El señor José necesita de la compra de dos computadores y un video juego con los cuales pueda mejorar el servicio prestado y sus ventas, lo que le permita apoyar económicamente a su familia puesto que su esposa se encuentra sin trabajo. El sueño del señor José es ver crecer a sus hijos y poder generar empleos directos en su comunidad.
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.