Wilfer Alonso, twenty-nine, lives in a district of Sonsón, Colombia with his wife and two children. Since he was thirteen he has done farm work, which he learned from his father. A while ago he bought a plot where he plants beans, tree tomatoes, and Andean potatoes, which he sells on the town market square. This is is his only source of income, and there have been hard winters that have resulted in crop losses. To revive his finances Wilfer Alonso is seeking a loan to invest in the purchase of seeds, fertilizers, and insecticides. His greatest dream is to have his own parcel of land and buy a house for his family.
Wilfer Alonso de 29 años de edad vive en una vereda de Sonsón, Colombia con su esposa y sus dos hijos. Desde los 13 años se dedica a las labores del campo, actividad que aprendió de su padre. Hace algún tiempo alquiló un lote en donde tiene sembrados de fríjol, tomate de árbol y papa criolla los cuales comercializa en la plaza de mercado del pueblo. Esta actividad es su única fuente de ingresos, la cual se ha visto afectada por los fuertes inviernos que han ocasionado pérdidas en sus cultivos. Con el fin de reactivar su economía se encuentra solicitando un crédito que invertirá en la compra de semillas, abonos e insecticidas. Su mayor deseo es hacerse propietario de una parcela y comprar vivienda para su familia.
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.