Jhon Jairo is a dedicated man who has been doing artisanal fishing for some time now, an activity that generates income to support his wife and his two children. Because Jhon Jairo must row out to fish, he spends more time than necessary at work and his production is reduced because of this. For this reason, Jhon Jairo is looking for a way to acquire an outboard motor that will allow him to move more easily and in a shorter amount of time so that he can travel across greater distances and fish larger amounts of product.
El señor Jhon Jairo se ha dedicado desde hace ya bastante tiempo a la pezca artesanal, actividad con la cual genera los ingresos para sostener a su esposa y sus 2 hijos. Debido a que Jhon Jairo debe remar para poder dirigirse a pescar, gasta mas tiempo del debido en su trabajo y por esto su producción es muy reducida, es por esto que Jhon Jairo busca la manera de acceder a un motor fuera de borda el cual le permita desplazarse con mayor facilidad y en menor tiempo, de modo que podrá recorrer mayores trayectos y pescar mayor cantidad de su producto.
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.