Yobany is thirty-four years old. He has lived in the countryside for his entire life, where he learned to work in agriculture and in caring for animals. Presently, he makes a living raising pigs, which he then sells in town. This activity is his source of income, with which he sustains his family.
His greatest wish is to be able to strengthen his business and to have a fixed income that allows him to offer his two children (sixteen and thirteen years old) a good education. For this reason, he is requesting a loan to buy six piglets to raise in order to increase his production capacity and his economic situation.
Yobany tiene 34 años de edad y toda su vida ha vivido en el acampo en donde aprendió a trabajar en la agricultura y el cuidado de los animales. Actualmente se dedica a la cría de cerdos, los cuales comercializa en su municipio. Esta actividad es su fuente de ingresos, con la cual sustenta a su familia. Su mayor deseo es poder consolidar su negocio y tener una renta fija que le permita brindarles a sus dos hijos de 16 y 13 años una buena educación. Por esta razón se encuentra solicitando un crédito para la compra de seis cerdos lechones para la cría con el fin de aumentar su capacidad de producción y su situación económica.
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.