Omar is 55 years old and works preparing and selling fast food in his neighborhood. Thanks to this job, he is able to make enough money to sustain his family. With the hope of improving his sales and increasing his production, he is asking for a loan for the purpose of buying a fast food cart.
His greatest desire is to obtain economic stability and improve the quality of life of his family.
Omar de 55 años de edad, se dedica a la elaboración y venta de comidas rápidas en su barrio. Gracias a esta actividad puede generar los ingresos necesarios para el sostenimiento de su familia. Con el ánimo de mejorar sus ventas e incrementar su producción, se encuentra solicitando un crédito que invertirá en la adquisición de un carro de comidas rápidas.
Su mayor sueño es tener estabilidad económica y mejorar la calidad de vida su núcleo familiar.
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.