Luis is twenty-five years old and and says that the greatest priority in his life are his wife and one-year-old son. "They have become the apple of my eye, and I know that in order to improve our economic condition, I need to try and strengthen my business, thereby guaranteeing them better life opportunities." With these words, Luis declares that this is the greatest motivation that propels him forward.
For several years, he has worked in extracting sand from the beach, an activity that has provided him with sustenance and a home for his family.
Today, he is requesting a loan in order to buy a vehicle and the necessary tools that will allow him to improve his productivity and increase his profits.
Luis tiene 25 años de edad, y asegura que la mayor prioridad en su vida es su esposa y su hijo de un año. “Ellos se han convertido en la niña de mis ojos y se que para mejorar nuestra condición económica debo esforzarme y consolidar mi negocio, garantizándoles mejores oportunidades de vida”. Con estas palabras Luis manifiesta que esta es la mayor motivación que lo impulsa a salir adelante. Desde hace algunos años trabaja en la extracción de material (arena) de playa, actividad que le brinda el sustento y un techo a su familia.
Hoy se encuentra solicitando un crédito para la compra de un coche y herramientas que le permitirán mejorar la productividad y aumentar sus utilidades.
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.