Pedro Pablo, 68, struggles every day to earn an income for his family. This hard worker sells fruit for a living and has been able to support his children and give them an education. Even though his life has not been easy, he always tries to do the best he can for his family, which is what he cares about most.
He began selling fruit from a cart as a street vendor in the city and, thanks to his efforts and discipline, was able to set up his own business. Now he is requesting a loan to renovate his shop and buy goods to increase sales this season.
Pedro Pablo de 68 años de edad, es un luchador que día a día busca el sustento de vida para él y su familia. Este guerrero se dedica a la venta de frutas, labor que le ha permitido sacar adelante a sus hijos y poderles ofrecer educación. Aunque su vida no ha sido fácil siempre trata de dar lo mejor porque considera que su familia es lo más importante. Comenzó vendiendo fruta en un carreta con la que recorría las calles de la ciudad y gracias a su esfuerzo y disciplina logró montar su propio negocio. Hoy está en búsqueda de un préstamo con el que quiere adecuar su local y comprar surtido para aumentar las ventas en esta temporada.
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.