Miguel is 60 years old and is one of those people who is worthy of admiration and respect, who teach that your attitude and desire to progress is the most important thing in life. Despite being disabled after losing his right hand, this man continues to fight for those most important to him: his family. For 25 years he has worked as a traveling salesman in order to make a living for himself and his family. Every day he goes out to the streets with his cart, where he sells mangos and avocados. In this way, Miguel has managed to provide a better life for his family. Today he is asking for this loan so that he can invest in an umbrella (for his cart) and an assortment of fruits in order to increase his level of sales and not have his business harmed by the constant rains.
Miguel de 60 años de edad, es una de aquellas personas digna de admiración y respeto, las cuales enseñan que en la vida la actitud y el deseo de progreso es lo más importante. A pesar de encontrarse en condición de discapacidad, tras perder su mano derecha, este hombre siguió luchando por lo más importante para él; su familia. Desde hace 25 años labora como vendedor ambulante con el fin de ganarse el sustento para él y su familia. Diariamente sale a las calles con su carreta en donde comercializa mangos y aguacates. De esta manera Miguel ha logrado brindarle mejores oportunidades de vida a su familia. En la actualidad se encuentra solicitando un crédito que invertirá en la compra de una sombrilla (para la carreta) y surtido con el fin de aumentar su nivel de ventas y no perjudicarse con las constantes lluvias.
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.