Jhon Jairo, 48, has lived his whole life on La Estación lane in the municipality of Angelópolis, Colombia. Due to there being few employment opportunities in his area, this man decided to set up his own business as a means of support for his family, which is made up of his wife and their two minor children.
He has worked independently for seven years, which has great advantages. The first is that he can dedicate more time to his family and the second is that with his own business, he sees it as easier to save and buy his own home.
He currently has a a billiards room, in which he sells drinks and snacks. His business is very well known on the lane, aside from which it is the only business of this type.
His greatest dream is to be able to acquire a motorcycle to transport his children to school, since the school and his workplace are very far from his home. This would allow him to save time and money. For this reason he finds himself requesting a loan since he does not have the money to make this investment.
Jhon Jairo de 48 años de edad, ha vivido toda su vida en la vereda La Estación del municipio de Angelópolis, Colombia. Debido a las pocas oportunidades de empleo que hay en su localidad, este hombre decidió montar su propio negocio como medio de sostenimiento para su familia, compuesta por su esposa y sus dos hijos menores de edad.
Desde hace siete años labora como independiente, lo cual tiene grandes ventajas, la primera es que puede dedicarle más tiempo a su familia y la segunda es que con su propio negocio ve más fácil la posibilidad de ahorrar y comprar su propia vivienda.
Actualmente tiene una sala de billar, en la que comercializa bebidas y mecatos. Su negocio es muy conocido en su vereda, a parte de que es el único de este tipo. Su mayor sueño es poder adquirir una motocicleta para transportar a sus hijos al colegio debido a que la escuela y su lugar de trabajo se encuentran muy retirado de su casa, lo que le permitirá ahorrar tiempo y dinero, por esta razón se encuentra solicitando un crédito ya que no cuenta con el dinero para realizar esta inversión.
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.