Edwin Andrés is 23 years old. He has sold Amway products for three years. This activity has allowed him to go to college. He took the intitiative of working in this business because of an aunt. Right now he is satisfied with this work because he does it in his free time and it generates enough income to go to school. His biggest dream is to finish his major and for that he needs to keep on working, since his family doesn't have the resources to pay for his education. He is asking fot a loan to buy the products since he expects to have more profit at the end of the year.
Edwin Andrés de 23 años de edad, se dedica a la venta de productos Amway desde hace tres años, actividad que le ha permitido ingresar a la universidad. Tomó la iniciativa de dedicarse a este negocio motivado por una tía. En la actualidad se siente muy satisfecho con este oficio debido a que lo realiza en su tiempo libre y le genera ingresos para estudiar. Su mayor sueño es poder terminar su carrera y para ello necesita seguir trabajando ya que su familia no cuenta con los recursos para subsidiar su educación. Se encuentra solicitando un crédito para la compra de los productos ya que espera tener una mayor rentabilidad para la época de fin de año.
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.