"I am a hardworking man, and I have learned to work and search for a livelihood with dignity." With these words, Julio, 40, says that he has been selling watches, hats, and lotion for twenty years. He travels constantly through the streets of the municipality of Caucasia, Colombia, offering his products for sale.
His two children, ages four and six, are his greatest concern, as he dreams of guaranteeing them a quality education and better living conditions.
He is currently applying for a loan to buy merchandise with the goal of increasing his sales and improving his earnings.
“Soy un hombre trabajador, he aprendido a laborar y a buscar el sustento dignamente” con estas palabras Julio de 40 años de edad, cuenta que desde hace 20 años se dedica a la venta de relojes, sombreros y lociones. Recorre constantemente las calles del municipio de Caucasia, Colombia, ofreciendo sus productos.
Sus dos hijos de cuatro y seis años de edad, son su mayor preocupación pues sueña con garantizarles una educación de calidad y mejores condiciones de vida.
Hoy se encuentra solicitando un crédito que destinará en la compra de surtido con el propósito de aumentar sus ventas y mejorar sus ingresos.
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.