Alvaro, 47, worked for most of his life on a farm as a foreman until the owners sold the farm and left him without work. After that, he saw the need to find another source of income to support his family. He sold a cow that he had, and bought a cart to sell mangoes.
Now he sets up his business at the entrance of some schools so that he can sell his products and generate an income that will allow him to provide his family with a decent life. His main dream is to be able to have his own house so that he could improve his quality of life. He is requesting a loan to invest in the purchase of raw materials to increase his sales and take advantage of the fact that students are returning to classes.
Álvaro tiene 47 años de edad y laboró la mayor parte de su vida en una finca como mayordomo, tras quedarse sin empleo debido a que los dueños decidieron vender la finca, se vio en la necesidad de buscar una fuente de ingresos para el sostenimiento de su familia. Vendió una vaca que tenía y compró un carro para la venta de mangos.
En la actualidad se ubica a la entrada de las escuelas para vender su producto y generar ingresos que le permita ofrecerle a su familia una vida digna. Su mayor sueño es poder tener una vivienda propia para mejorar su calidad de vida. Se encuentra solicitando un crédito el cual invertirá en la compra de materia prima para ampliar sus ventas y aprovechar el regreso a clases.
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.