Nelson, 46, makes a living growing coffee, bananas, corn, beans, and potatoes on his farm in the town of Sonsón, Colombia. With this job he supports his family, made up of his wife and two minor children, whom he dreams of giving a life without financial need.
Currently he's requesting a loan to invest in buying soil amendments such as fertilizer and fungicide for his crops. This will allow him to have a bigger and better harvest and give his family better living conditions.
Nelson de 46 años de edad, se dedica a la producción de café, plátano, maíz, fríjol y papa en su finca ubicada en el municipio de Sonsón, Colombia. Con su actividad sostiene a su familia compuesta por su esposa y dos hijos menores de edad, a los que sueña con brindarles una vida sin carencias económicas. En la actualidad se encuentra solicitando un crédito que invertirá en la compra de abonos como fertilizantes y fungicidas para sus cultivos, lo que le permitirá tener una cosecha más abundante y de mejor calidad, para brindarle a su familia mejores condiciones de vida.
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.