Juan Norbairo is 31 years old and has dedicated the major part of his life to field labor. His three minor children and his spouse are the driving force in his life. Each day he gets up very early to carry out the irrigation labor and sow his carrot and potato crops, in a piece of land that they rented. He is requesting a loan with which he will buy inputs and insecticides to increase the production of his crops and be able to improve the quality of life of his family and the financial income of the home. His major dream is to be able to buy his wife a house near the village, since the terrain is located very far from the built-up area. For this reason his child didn't have the opportunity to start school.
Juan Norbairo de 31 años, ha dedicado la mayor parte de su vida a las labores del campo. Sus tres hijos menores de edad y su esposa, son el motor de su vida. Cada día se levanta muy temprano para realizar las labores de riego y siembra de sus cultivos de zanahoria y papa, en un lote que alquilaron. Se encuentra solicitando un crédito con el que comprará insumos e insecticidas para incrementar la producción de sus cultivos y poder mejorar la calidad de vida de su familia y los ingresos económicos del hogar. Su mayor sueño es poderle comprar a su esposa una vivienda cerca al pueblo, debido a que el terreno se encuentra muy retirado del casco urbano, por lo cual su hijo no ha tenido la oportunidad de ingresas a la escuela.
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.