Jair is a 37 year old man who has had to be both mother and father to his 11 year old son after his wife left him. “My son is my biggest motivation, and that is why I get up every day to open my billiard's store". With these words, Jair expresses the reason for so much sacrifice that he has to do every day. His biggest dream is to offer his son a better quality of life so he can access school like any boy his age. Today he seeks to improve his financial situation and for that he has turned to a loan which he will invest in merchandise for the end of the year season, when his sales increase.
Jair, es un hombre de 37 años de edad, al que le ha tocado ser madre y padre de su hijo de 11 años, después de sufrir el abandono de su esposa. “Mi hijo es mi mayor motivación, por él es quien me levanto cada día a abrir mi tienda de billar”. Con estas palabras Jair expresa la razón de tantos sacrificios que tiene que padecer cada día. Su mayor sueño es poderle brindar a su hijo una mejor calidad de vida, que pueda acceder al colegio como cualquier niño de su edad. Hoy anda en búsqueda de mejorar su situación económica y para ello ha recurrido a un préstamo el cual invertirá en surtido para la temporada de fin de año, periodo en el que se incrementan las ventas en su negocio.
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.