Jose began working in transportation when he lost his job and saw that in his municipality he had a great opportunity in this business to generate income. Thus he began working in this activity which generates the income he needs for the household expenses of his wife and their four year old son.
The greatest difficulty that Jose faces is his small amount of capital, and now that he needs cash he is searching for a loan in order to repair his motorcycle engine and to have his motorcycle completely serviced.
This would allow him to offer better service to his customers and his income would continue to increase little by little. His dream is to provide a more stable home for his family with a better quality of life.
Jose comenzó a trabajar en la actividad del transporte cuando se quedó sin empleo y vio que en su municipio había una gran oportunidad en este negocio para generar sus ingresos. Fue así como comenzó trabajando en esta actividad con la cual genera los ingresos que necesita en su hogar para sostener los gastos de su esposa y su hijo de 4 años. La gran dificultad que presenta Jose es el poco capital con el que cuenta, y es por esto que ahora que requiere de capital busca un préstamo para reparar el motor de su moto y realizar un mantenimiento completo al resto de la moto.
De esta manera podrá ofrecer un mejor servicio a sus clientes y así sus ingresos seguirán mejorando poco a poco. Su sueño es ofrecer un hogar más estable para su familia con una mejor calidad de vida.
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.