Luis Roberto is 52 years old. He deals in recycled goods. He is very proud to do this work because it is not only of benefit to himself but also to the planet. He has worked in this business for 10 years, and it is the only way that he has to earn a living and support his family. Luis Roberto's greatest wish is to become a micro-entrepreneur, and for this reason he has decided to apply for a loan. With it, he intends to buy merchandise to sell in the villages during the end of year season, in the hope that his financial situation will improve, and with it his quality of life.
Luis Roberto de 52 años de edad, se dedica al reciclaje, actividad de la que se siente muy orgulloso porque manifiesta que su labor no sólo lo beneficia a él si no al planeta. Desde hace 10 años se dedica a esta actividad, la cual es su única forma de ganarse la vida y de sostener a su familia. Afirma que su mayor deseo es convertirse en un microempresario por lo cual ha tomado la determinación de solicitar un crédito con el que comprará mercancía para vender en los pueblos en la temporada de fin de año con la esperanza de que su situación económica mejore y con ello su calidad de vida.
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.