Luis Miguel is seeking a loan so that he can buy a modular barber’s chair that is shaped like a small car and waiting room chairs so that he can offer better service to his customers. In this manner, he hopes to increase his sales and have a more appealing business. As a result, he hopes to continue making steady progress and assist his parents who have always faced financial difficulty.
De esta forma podrá aumentar sus ventas por tener un negocio más atractivo y poco a poco seguirá progresando y sacando adelante sus padres que siempre han padecido dificultades económicas.
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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Success!! The loan was 100% repaid