Víctor, 34, did not have the privilege of getting an education because he had to start working at a very young age. Tired of many people's harshness and abusive attitudes, he decided to go into business for himself as a gardener. Víctor needs to buy some tools that are necessary for his trade and he does not have the money to do so. Therefore, he is requesting a loan. His greatest goal is to give his 12-year-old son a good education because he believes this would be the most valuable gift he could give him.
Víctor de 34 años de edad, es un hombre al que la vida le ha negado el privilegio de estudiar, pues desde niño le ha tocado trabajar como jornalero en donde resulte. Cansado de las inclemencias de muchas personas y del abuso de otras, decidió dedicarse a realizar labores de jardinería en donde lo soliciten. Actualmente, Víctor necesita comprar algunas herramientas que son indispensables para realizar bien su labor, no cuenta con el dinero para hacerlo y por eso solicita un crédito. Su mayor anhelo es poderle ofrecer a su hijo de 12 años una excelente educación, porque está convencido que este es el regalo más valioso que puede entregarle.
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.