José Nicolás, 48, buys and sells recycleable material and has been in business for 20 years. It is the main source of income for his family and, thanks to his effort and dedication, his seven-year-old son is able to go to school.
His major goal is to buy a home to improve his family's living conditions. Although his work is not very profitable, José is thankful for the opportunity to put food on the table every day.
His greatest challenge is the crime in his neighborhood, as he has been the victim of robbery on several occasions. He hopes both his economic situation and the crime rate improve. He is currently requesting a loan to buy cans to increase his income.
José Nicolás de 48 años, se ha dedicado a la compra y venta de material reciclable, actividad que realiza desde hace 20 años, y se ha convertido en la fuente de sustento para su familia. Gracias a su esfuerzo y dedicación su hijo de 7 años de edad ha tenido la oportunidad de ingresar a la escuela.
Su mayor sueño es poder adquirir una vivienda para garantizarle a su familia mejores condiciones de vida. Aunque su trabajo no le genera muchas ganancias José agradece a Dios la oportunidad de tener el alimento para cada día.
Su mayor reto es luchar contra la delincuencia en su barrio, ya que ha sido víctima de varios robos en su negocio. Espera que la situación de orden público mejore al igual que su situación económica. En la actualidad se encuentra solicitando un crédito que invertirá en la compra de canecas, con el fin de aumentar sus ingresos.
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.