Nelson is 36 years old and is a hardworking man. He loves his family and tells us that his business is his only source of income with which to support his family.
He sells fruits and vegetables in a small shop and has done so for several years. He hopes to improve his financial condition and expand his business. He is asking for a loan so he can buy products so he can increase his sales and set up in the local market.
Nelson de 36 años de edad, es un hombre trabajador, ama su familia y asegura que su negocio es su única fuente de ingresos con la cual sostiene a su familia.
Se dedica a la venta de frutas y verduras en una pequeña legumbrería desde hace algunos años. Sueña con mejorar su condición económica y expandir su negocio. En la actualidad se encuentra solicitando un crédito que invertirá en la compra de surtido con el fin de incrementar sus ventas y posicionarse en el mercado local.
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.