Carlos is 34 years old and the father of a 7-year-old son. All his life he has resided in the country, which makes him a great farmer. He makes a living planting crops of potatoes, peas and carrots and through the production and sale of milk, activities passed down to him through family tradition.
The vegetables are sold in the village market and the milk among his neighbors in the community. Carlos needs a loan that he will invest in the purchase of a dairy cow with which he hopes to increase his production capacity, increasing his income and improving the welfare of his family and guaranteeing his son access to education.
Carlos de 34 años de edad es padre de un hijo de 7 años. Toda su vida ha residido en el campo, lo que lo convierte en un gran agricultor. Se dedica a la siembra de cultivos de papa criolla, arveja, zanahoria y a la producción y venta de leche, actividades que aprendió por tradición familiar.
Las hortalizas son comercializadas en el mercado del pueblo y la leche entre sus vecinos de su comunidad.
Carlos se encuentra necesitando un crédito que invertirá en la compra de una vaca lechera con la que espera aumentar la capacidad de producción, aumentando sus ingresos y mejorando el bienestar de su familia y garantizándole a su hijo el acceso a la educación.
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.