Jorge is 40 years old, married and has two children. His family is the driving force in his life and because of them he doesn't mind having to work seven days a week in order to be able to give his family a decent life.
Jorge dreams of having a shop and having more time to spend with his children. But he is aware that at the moment he doesn't have the resources to make his dream come true.
Right now he is looking for a loan which he will invest in the purchase of more stock to broaden his portfolio of products and generate more income for his household.
Jorge de 40 años de edad, está casado y tiene 2 hijos. Su familia es el motor de su vida y es por ellos que no le importa tener que trabajar los siete días a la semana con tal de poderle ofrecer a su familia un vida digna. Omar sueña con tener un almacén y poder compartir más tiempo con sus hijos. Pero es consciente que en el momento no cuenta con los recursos para materializar su sueño. Actualmente se encuentra en búsqueda de un crédito el cual invertirá en la compra de más surtido para ampliar su portafolio de productos y generar mayores ingresos para su casa.
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.