Álvaro, 54, has spent most of his life in the construction industry. Given the uncertainty of employment, he found it necessary to find another source of income to support his household. At his friend Alvaro's suggestion, he decided to use a vegetable cart to travel the streets of Itagüí every day, selling to customers from 9 am until 6 pm.
His great wish is to improve his financial situation and offer his family a better life. To achieve this, he is applying for a loan to buy a wood cart to transport his vegetables and other items.
Álvaro de 54 años de edad dedicó la mayor parte de su vida al oficio de la construcción; debido a la inestabilidad en la contratación, se vio en la necesidad de buscar otra fuente de ingresos para el sostenimiento de su hogar. Gracias a la sugerencia de un amigo don Álvaro decidió montar una legumbrería móvil, con la cual recorre las calles del municipio de Itagüí en búsqueda de clientes todos los días de nueve de la mañana a 6 de la tarde.
Su mayor anhelo es poder mejorar su condición económica para ofrecerle una mejor calidad de vida a su familia. Para cumplir este propósito se encuentra solicitando un crédito el cual invertirá en la compra de una carreta de madera para transportar la legumbre y surtido.
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.