Miguel Angel is 61 years old and has energy to spare for work. He has always had something to do and staying at home is not what he prefers. His family depends on what he can provide for them. Currently, he has a cafeteria where he works from 6:00AM to 7:00PM every night. He dreams of having his business well-stocked one day, which is why he will use the loan to purchase an assortment of items that his business needs.
Miguel Ángel de 61 años de edad, lo que le sobran son ganas de trabajar, cuenta que siempre ha tenido algo que hacer y que quedarse en la casa no es lo que prefiere, además que su familia depende de lo que él pueda conseguir. Actualmente tiene una cafetería en la que trabaja de 6 de la mañana a 7 de la noche todos los días. Sueña con poder tener un día su negocio bien surtido, por lo cual ha recurrido a un crédito para comprar algunos artículos que le hacen falta a 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.