José Humberto is 32 years old and he and his wife raise chickens. His eight year old daughter is their main daily motivation. José dreams of providing an excellent education for his daughter and a better quality of life for his wife. He is asking for this loan to buy egg-laying hens and chickens that will allow him to increase production. He wants to set up an egg distributorship to generate greater income and support his family.
José Humberto de 32 años de edad, es un campesino dedicado a la cría y al levante de pollos, en conjunto con su esposa y su hija de 8 años de edad que día a día son su mayor motivación. José sueña con brindarle a su hija una excelente educación y a su esposa una mejor calidad de vida, es por ello que solicita un crédito destinado a la compra de gallinas ponedoras y pollos que le permitan acrecentar su capacidad de producción, debido a que su propósito es crear una distribuidora de huevos para generar mayores ingresos y sostener su núcleo familiar.
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.