Elkin is 57 years old and has worked in security whole life, until circumstances of destiny caused him to be without work. Driven by necessity, he decided to set up a vegetable shop to be able to earn what he needed to live and provide for the education of his son. With his characteristic effort and dedication, he set up a store to earn a better income.
His biggest challenge is making his business bigger and increasing the number of customers, offering a better variety of products. In order to do so, he is requesting a loan to invest in stock for the end of the year. His biggest dream is to be able to give his son the opportunity to study for a degree in college.
Elkin tiene 57 años de edad y toda su vida se dedicó a la vigilancia hasta que por circunstancias del destino se quedó sin empleo. Conducido por la necesidad decidió montar un puesto de verduras con el fin de conseguir lo necesario para vivir y para el sostenimiento y la educación de su hijo. Con el esfuerzo y la dedicación que lo han caracterizado montó una tienda para generar mayores ingresos. Su mayor reto es poder ampliar su negocio y aumentar su número de clientes ofreciéndoles mayor variedad de productos y para ello se encuentra solicitando un crédito que invertirá en la compra de surtido para fin de año. Su mayor sueño es poder darle a su hijo la oportunidad de estudiar una carrera universitaria.
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.