Update on Jose NoeJosé Noé is 67 years old and is the father of a family of 11 children, living in the town of Maranilla, Colombia. For the last 20 years he has worked providing transportation and delivery of goods to his neighbors and members of his community. He started out salvaging and with his savings he managed to buy his own vehicle, which today provides the income necessary to support his family.
He wakes up early every day to search for customers who may require his services. Though he does not have a fixed income, he has managed to get ahead. His greatest dream is to improve the financial stability of his household and provide a better education for his grandchildren.
A few days ago José Noé had to stop working because he vehicle needs replacement parts in order to keep running properly. Jose does not have the money to complete said repairs and so is requesting a loan in hopes of getting back to work and increasing his income.
Diariamente se levanta muy temprano en búsqueda de clientes que requieran de sus servicios, aunque no tiene un sueldo fijo, ha logrado salir adelante.
Su mayor sueño es poder mejorar la estabilidad económica de su hogar y garantizarles a sus nietos una mejor educación.
Desde hace algunos días tuvo que parar su labor, debido a que su vehículo requiere de repuestos para su funcionamiento. José no cuenta con el dinero para realizar dichas reparaciones, por lo cual se encuentra solicitando un crédito con el que espera retomar sus actividades y aumentar sus ingresos.
Previous Loan DetailsJose Noe has always been characterized as a hardworking person who is dedicated to his family. At 66 years old, he is married and the father of 7 children. He works hard every day, wanting to get his family ahead and offer them a better quality of life. Jose Noe has worked in recycling for… More from Jose Noe'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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