Thanks to this experience, Nestor learned his lesson and now feels more capable of managing his own business. For this reason, he is seeking the opportunity to access a loan so that he can buy cattle and restart his business. This will help him generate his own household income so that he can support himself. As a result, Nestor will have a more secure financial future and be able to provide a better quality of life for his family.
De esta manera podrá contribuir económicamente en su hogar a la vez que puede progresar financieramente por su cuenta, lo que le permitirá tener un futuro económico más estable y a su familia le permitirá tener una mejor calidad de vida.
Important InformationThis 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.
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