Emilio is 47 years old. He lives with his wife and their two children. For the past 15 years he has sold merchandise such as watches, perfumes, hair irons, speakers, etc., which has provided him with income to support his family. He is hard-working and dedicated, but a lack of financial resources has put him through difficult situations. Nevertheless, this doesn't stop him from continuing to fight for what he loves, and his children are his main motivation. He is requesting a loan that he will invest in the purchase of merchandise (perfumes, watches, hair irons and hair dryers, electronic accessories) with the goal of offering more selection to his customers and obtaining enough money to support his family. Emilio dreams of growing his business and increasing sales so that he can save money to purchase a home in order to offer his family more wellbeing, a better quality of life, and a good education for his children.
Emilio tiene 47 años de edad, vive con su esposa y sus dos hijos. Desde hace 15 años se dedica a la venta de mercancía como relojes, perfumes, planchas para el cabello, bafles, entre otros, actividad con la cual ha obtenido ingresos para llevar la carga económica en su hogar. Él es un hombre emprendedor y dedicado, pero la falta de recursos económicos lo ha llevado a vivir situaciones difíciles, sin embargo, esto no lo detiene para seguir luchando por lo que quiere y su motivación inicial son sus hijos, por ello solicita el crédito, que invertirá en la compra de surtido de mercancía (perfumería, relojes, planchas y secadores para el cabello, accesorios electrónicos) con el fin de ofrecer más variedad a sus clientes y conseguir el dinero suficiente para llevar el sustento a su familia. Emilio sueña con hacer crecer su negocio, incrementando las ventas, para poder ahorrar y comprar una casa propia para ofrecerle a su familia un mejor bienestar y calidad de vida y una buena educación a sus hijos.
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.