Gilberto is 54 years old, and he engages in selling clothe in the city center of Medellín, Colombia. He works seven days a week from 8 am to 7 pm, as this activity is his only source of income. He is currently requesting a loan to buy products in order to increase his sales during the end of the year season. His biggest challenge has been providing for his 21-year-old son, as many time his job does not give his the income he needs and at time he feels strangled by the lack of economic resources. His biggest dreams are to succeed in having a well-supplied activity and to offer a more dignified life to his family.
Gilberto tiene 54 años de edad, y se dedica a la venta de ropa en el centro de la ciudad de Medellín Colombia; labora los siete días de la semana de 8 de la mañana a 7 de la noche. Esta actividad es su única fuente ingresos. En la actualidad se encuentra solicitando un crédito con el que comprará surtido con el fin de que las ventas se incrementen en la temporada de fin de año. Su mayor reto ha sido sacar su hijo de 21 años adelante, debido a que su trabajo muchas veces no brinda el rendimiento deseado y la carencia económica en ocasiones lo asfixia. Su mayor sueño es poder tener su negocio bien surtido y ofrecerle a su familia vida más digna
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.