Carlos, 26, lives with his mother. He’s been selling leather for six years, a job that’s made it possible for him to earn a living and generate support for his home. He worked as an employee for a long time and two years ago decided to start his own business in order to earn higher income that would allow him to provide better quality of life for his family. Carlos is a man who is full of dreams but he insists that the most important one is to be able to enjoy his mother. He currently is in great need and is looking for a loan to buy materials for his business because he’s expecting increased demand due to the Christmas season.
Carlos de 26 años de edad, vive con su madre. Desde hace 6 años se dedica a la peletería, trabajo que le ha permitido ganarse la vida y generar el sustento para su casa. Laboró por mucho tiempo como empleado y hace 2 años tomó la decisión de montar su propio negocio con el fin generar mayores ingresos que le permitieran ofrecerle una mejor calidad de vida a su familia. Carlos es un hombre lleno de sueños, pero asegura que el más importante es poder disfrutar de su madre. Actualmente tiene una gran necesidad y está en búsqueda de un crédito, con el que espera comprar materiales para su negocio debido a la demanda que espera tener en la temporada navideña.
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.