Edison is 28 years old. He was born into a humble family, full of needs and necessities. This situation drove him to leave home and go looking for work opportunities. Through this he managed to save some money with which he started to sell vegetables and with time and this young man's discipline he was able to set up his own business which provides for him and his family. He has two children aged 3 and 5 who he hopes to be able to offer a decent life and good education.
He is asking for a loan to buy a range of products due to the increased demand at the end of the year from his customers.
Edison de 28 años de edad, nació en el seno de una familia humilde, lleno de carencias y necesidades. Ésta situación lo impulsó a dejar su casa e ir en búsqueda de oportunidades de trabajo. De este modo logró reunir un dinero con el que empezó a vender legumbre, con el transcurrir del tiempo y la disciplina de este joven, logró montar su negocio, el cual se ha convertido en su sustento de vida y de su familia. Tiene dos hijos de 3 y 5 años a los que espera poderles ofrecer una vida digna y una buena educación. Se encuentra solicitando un crédito para la compra de surtido, debido a que la demanda en fin de año se incrementa y los clientes se lo exigen.
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.