Edwin is 25 years old and has been farming since he was a boy. He says that the fields are his greatest paradise and learned this activity when he was a boy, thanks to his father and his uncles. He raises yucca, yams, and corn and works every day from six in the morning to one in the afternoon. He is asking for a loan to buy pigs so that he can diversify his activities into two and increase his income. This will allow him to guarantee a better quality and dignified life to his wife and children.
Edwin de 25 años de edad, se ha dedicado a las labores agrícolas desde su infancia, asegura que el campo es su mejor paraíso. Desde niño aprendió de la actividad gracias a su padre y tíos. Se dedica a la siembra de cultivos de yuca, ñame y maíz, labor que realiza diariamente de seis de la mañana a una de la tarde. En la actualidad se encuentra solicitando un crédito para la compra de cerdos con el fin de alternar las dos actividades y mejorar sus ingresos, lo que le permitirá garantizarle a su esposa y a sus tres hijas menores de una mejor calidad de vida y una vivienda digna.
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.