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José Horacio

Update on José Horacio

José is 65 years old. He is extremely motivated to go out to work each day outside of the city high school in Rionegro, Colombia and sell snacks from his stand. The money that he earns from his sales allows him to help his family get through some financial difficulties they are facing. His biggest dream is to improve the quality of life in his home so that his family would never lack food or clothes to wear.

Now, José is requesting this loan in order to buy items to stock his stand with, so he can increase his sales and generate more profit.
View original language description ↓
José tiene 65 años de edad y lo que le sobran son motivaciones para salir cada día a vender sus dulces en su puesto de trabajo, ubicado en frente de un colegio del municipio de Rionegro, Colombia. El dinero que reúne gracias a sus ventas lo destina para solventar la situación económica de su familia, debido a que en ocasiones esa es una de las mayores dificultades que afrontan. Su mayor deseo es mejorar la calidad de vida en su hogar, que nunca falte la comida y la ropa para vestir. En el momento se encuentra solicitando un crédito para la compra de surtido con el fin de incrementar las ventas y generar mayores ingresos.

Previous Loan Details

At 63 years old, José Horacio considers himself to be a fighter that refused to give up when his family faced financial troubles, starting his own business to provide his nine children with financial stability. While it has been difficult to do day to day, he works with the hope of moving forward.… More from José Horacio's previous loan »

Additional Information

Important Information

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.

Concurrent and Successive Loans

Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.

This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.

About Colombia

  • $6,070
    Average annual income
  • 177
    View loans »
    Colombia Loans Fundraising
  • $12,868,250
    Funds lent in using Kiva
  • 1,790.5
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $350 helped José Horacio to buy candy and snacks.
100% repaid
Repayment Term
17 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Nov 22, 2012
Listed
Jan 1, 2013
Currency Exchange Loss:
Covered
Ended:
Mar 19, 2014