Dario is 53 years old and has been selling door to door for more than five years. This is how he supports his family which consists of his wife and three children. “I live my life as I can because my children need me so they can go to school and as long as I live I will work hard to provide the best for them.” Through these words Dario lets us know that he gets up every day with a desire to search for new clients. His greatest desire is to increase the variety of products he offers in order to increase his profits, so he has requested a loan.
Darío de 53 años de edad, se dedica a la venta puerta a puerta de mercancía desde hace más de 5 años. Labor que le suministra el sustento para su familia integrada por su esposa y tres hijos. “Me rebusco la vida como puedo, pues mis hijos necesitan de mi, para poder estudiar y mientras yo tenga vida lucharé por ofrecerles lo mejor” con estas palabras don Darío manifiesta el por qué todos los días se levanta con el mejor de los ánimos para ir en búsqueda de nuevos clientes. Su mayor anhelo es incrementar la variedad de productos que ofrece con el fin de obtener mayor rentabilidad, es por ello que ha solicitado un crédito para la compra de nuevo surtido.
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.