Update on Luis EduardoLuis Eduardo, 54, has worked selling fish for over 40 years in his locality. He started this line of work already as a child, since he could not study due to his family’s economic condition and had to take charge of the home’s responsibilities.
Luis Eduardo started selling fish in his neighborhood with a polystyrene container. With effort and time, he saved money and bought a vehicle that allowed him to expand his reach. He is now distributing his products in different municipalities of the Antioquia department, in Colombia.
His vehicle is in bad shape, so Luis had to stop the distribution of his products. This situation has considerably harmed his economy, since this is his only source of income and the way he supports his wife and four children. This is why he is requesting a loan to fix his car and restart with his activities in order to offer his family a better quality of life.
Comenzó vendiendo pescado en una pequeña caja de icopor, por las calles de su barrio; con su esfuerzo y años de trabajo ahorró para comprar un vehículo que le permitiera expandir su nicho de mercado, Hoy distribuye su producto en diferentes municipios del departamento de Antioquia, Colombia.
Debido al mal estado del vehículo Luis se vio en la obligación de suspender la venta de su producto, situación que lo ha perjudicado considerablemente por que esta actividad es su única fuente de ingresos para el sostenimiento de su esposa y sus cuatro hijos. Por esta razón se encuentra solicitando un crédito para realizar las reparaciones correspondientes y reactivar su actividad económica, garantizándole a su familia mejores condiciones de vida.
Previous Loan DetailsLuis Eduardo has dedicated much of his life to selling fish and has generated income from this business. He needs this income to manage household costs of his home, in which he lives with his wife and four children. Since his parents worked in this business, Luis Eduardo learned the work from a… More from Luis Eduardo'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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Success!! The loan was 100% repaid