Luis is 30 years old and tells us that the world of beauty treatments is one his greatest passions and is currently his source of income. He has been doing this work for over thirteen years, having started as an employee in various beauty salons in town. Thanks to his experience and training, Luis developed his potential and decided to become independent. Luis is know well known in the area for the great work that he does. He is applying for a loan to find better premises so that he can increase his sales and his number of customers.
Luis tiene 30 años de edad, y asegura que el mundo de la belleza, es una de sus grandes pasiones y en la actualidad su actividad económica. Realiza el oficio desde hace más de 13 años. Inició como empleado en diferentes salas de belleza de su localidad. Gracias a la experiencia y a las capacitaciones, Luis desarrollo su potencial y decidió convertirse en independiente. Hoy es reconocido en la zona por la gran labor que realiza.
Se encuentra solicitando un crédito que invertirá en mejoras locativas con el fin de aumentar sus ventas e incrementar su número de clientes.
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.