Jose is married and has three children of 3, 12 and 14 years of age. For a long time he has been earning his living through construction work, and thanks to this experience he has a good reputation which has allowed him to obtain good customers. As he has never had much capital, Jose has usually worked with borrowed tools, and these hiring costs have impacted significantly on his income. For this reason, now that he has the opportunity, he is asking for a loan to buy an electric solder and a drill, and in this way to have his own tools and not pay the high rent.
His dream is to be able to improve his family's situation; provide his children with a good education and a offer dignified way of life to all of his family.
Jose se encuentra casado y tiene 3 hijos de 3, 12 y 14 años de edad y desde hace mucho tiempo se ha dedicado a la actividad de la construcción; gracias a esta experiencia que tiene ha podido tener muy buena reputación para lograr tener muy buenos clientes. Jose, debido a que nunca ha podido contar con un gran capital, siempre ha trabajado la mayoría de las veces con herramientas alquiladas, lo que hace que sus ingresos se vean fuertemente afectados por el pago de este alquiler, y es por esto que ahora que tiene la oportunidad busca un préstamo para comprar un soldador eléctrico y un taladro y así tener sus propias herramientas y no pagar los altos alquileres.
Su sueño es poder sacar su familia adelante ofreciéndoles una buena educación a sus hijos y una calidad de vida digna a toda su familia en el hogar.
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.