Luis Alberto is 58 years old and is the father of three children. He has been working in different trades since he was very young. He decided to go out on his own a few years ago and create his own business so he can spend more time with his family and improve the quality of life in his household. This is how he created his store which he manages daily. He wants to invest in paper goods so he can satisfy his customer demand and provide better service, so he is asking for a loan because he doesn’t have his own resources. He dreams of providing better financial conditions for his family and a university education for his son.
Luis Alberto de 58 años es padre de tres hijos y desde joven ha trabajado en diferentes oficios. Desde hace algunos años decidió independizarse y crear su propio negocio con el fin de compartir más tiempo con su familia y mejorar calidad de vida en el hogar, Es así como creó su miscelánea la cual administra y abre diariamente. En la actualidad desea invertir en la compra de artículos de papelería con el fin de satisfacer la demanda de sus clientes y mejorar la calidad en el servicio, por lo cual se encuentra solicitando un crédito ya que no cuenta con recursos propios. Sueña con garantizarle a su familia una mejor condición económica y a su hijo menor la oportunidad de realizar sus estudios universitarios.
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.