Luis is a young entrepreneur who, upon seeing that he did not have sufficient economic resources to be able to undertake his university studies, decided to get a job, to be able to generate his own income to pay for his studies. Luis got a job as a messenger and later bought a motorcycle to be able to do his job and drive himself to the university, where he is currently in his second semester studying aviation mechanics.
Given that his family does not have great economic opportunities, he bought his motorcycle with a loan that has very high interest rates. It is because of this that Luis is looking for a loan that will give him the opportunity to repay the loan he used to buy his motorcycle for work, avoiding the high interest they are charging him for it.
In this way he will be able to pay lower rates and his money will be more beneficial to him in his savings for the university. Luis dreams about being able to continue working and finish his studies to get himself a good job and be able to progress economically and help out his parents.
Luis es un joven emprendedor que al ver que no contaba con recursos económicos suficientes para poder realizar sus estudios universitarios, decidió conseguir un empleo con el que pudiese generar sus propios ingresos para poder costear sus estudios. Luis consiguió un empleo como mensajero y posteriormente compró una moto para poder realizar su trabajo y poder transportarse a la universidad, donde actualmente cursa el segundo semestre de mecánica de aviación. Dado a que su familia no tiene grandes oportunidades económicas, su moto la compró con un préstamo en el cual debe pagar unos altos intereses por este, y es debido a esto que Luis busca que un préstamo le brinde la oportunidad de pagar el préstamo con el que compró su moto para trabajar, evitando pagar los altos intereses que le están cobrando por este.
De esta manera podrá pagar unas cuotas más bajas y así su dinero le hará mayor beneficio en el ahorro para su universidad. Luis sueña con poder seguir trabajando y poder terminar su carrera para vincularse a un buen empleo y poder progresar económicamente para colaborar a sus padres.
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.