Señor Jhon Fredy did not have a job, and since he needed to support his family, he set up a grocery store in the municipality of Bello, north of the city Medellín, where he has worked since then. With his work in the grocery store, he provides for the expenses of his household, where he lives with his wife and two children. At the age of 40, Jhon Fredy dreams of buying a motorcycle, with which he could make home deliveries from his grocery store. In this way he could increase his sales, and with better income, he could improve the quality of life of his wife and his two children.
El señor Jhon Fredy se quedó sin empleo, y con la necesidad de brindarle el sustento a su familia creó un granero en el municipio de Bello, al norte de la ciudad de Medellín, donde trabaja desde entonces. Con el trabajo del granero sostiene los gastos del hogar donde convive con su pareja y sus dos hijos. A sus 40 años, Jhon Fredy sueña con comprar una moto en la que pueda realizar el servicio a domicilio de su granero, de modo que aumenten sus ventas y con mayores ingresos pueda mejorarle la calidad de vida a su pareja y sus dos hijos.
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.