Oscar is an energetic and hardworking young man. The lack of resources has not stopped him. He works in an area outside of his house and his finished products are sold to a wholesale vendor. The loan he is requesting from Interactuar will be used to buy materials in bulk (steel sheets, iron, and coal) so that he can obtain the best price. As a result, he will be able to generate more profit from his sales.
His greatest wish is to continue with his trade and grow his business so that he can reach a higher income level and provide new job opportunities.
Important InformationThis 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.
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