Carlos, 48, is the father of two children. He says his family is the most important thing to work every day and look for the income he needs to make sure they have a better quality of life.
He has worked for many years making brooms and mops, which he learned thanks to his father and has become his only current source of income. He works every day from 7 in the morning until 8 at night in a small workshop located in his residence. He distributes the products in different neighborhoods in the city of Medellín.
Carlos wants to increase his sales so he's requesting a loan to invest in buying raw materials. He hopes to improve his financial situation and give his children access to a higher education with this investment.
Carlos de 48 años de edad, es padre de dos hijos. Asegura que su familia es la razón más importante para trabajar diariamente e ir en búsqueda de los ingresos necesarios para asegurarles una mejor calidad de vida. Desde hace más de ocho años se dedica a la fabricación de escobas y traperas, actividad que aprendió gracias a su padre y hoy se ha convertido en su única fuente de ingresos. Labora diariamente de siete de la mañana a ocho de la noche, en un pequeño taller ubicado en su residencia, los productos son distribuidos en los diferentes barrios de la Ciudad de Medellín.
Con el fin de aumentar sus ventas, Carlos se encuentra solicitando un crédito que invertirá en la compra de materia prima. Espera con esta inversión mejorar su condición económica y garantizarles a sus hijos el acceso a la educación superior.
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.