Update on Luis CarlosLuis, 41, is father to two children for whom he strives to offer them a dignified life and better educational opportunities. His life has been plagued by mistakes and poor decisions. However, despite the situations he has lived through, he is still keen to fight for a better future for his family. Tired of searching for work and seeing the doors of opportunity closing before his eyes, Alirio decided to employ himself and set up his own business in his home. He established a small store in which he sells basic grocery goods, and over the weekends he opens a fast-food stall to the public in order to generate larger sales and provide his family with a better level of well-being. Alirio is now seeking a loan to buy stock for both of his two businesses with the aim of increasing his sales and his quality of life.
Hoy se encuentra en búsqueda de un crédito para la compra de surtido para sus dos negocios con el propósito de incrementar su nivel de ventas y aumentar su calidad de vida.
Previous Loan DetailsLuis learned how to prepare and sell fast food from his family. With a little savings, he started to sell empanadas and later added buñuelos. As the business grew and his customers asked him for pizzas, lasagnas, hot dogs, hamburgurs and other fast foods. Luis is seeking a loan to buy a food cart… More from Luis Carlos's previous loan »
Important InformationThis 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.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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