Carlos, at his 23 years of age, is the owner of a business that sells literature and text books. It's a business he has run for the last four years, but one he has known since he was small. The business is a family tradition and legacy. Carlos is an enterprising, dedicated man with vision and a great desire to get ahead. He says, “I like working in my business because I'm in charge of my own time and I can learn a lot of new things. In addition, it gives me the opportunity to study at the university, to get ahead.” With these words, Carlos expresses his motivation for requesting the help of a second loan. His goal is to invest the loan in the purchase of a batch of books (textbooks and literature) and to take advantage of the discount that would give him. He can then improve his sales income, which would allow him to meet his goal of having a professional career and expanding his business. He would then have the resources to gain financial stability, improve his quality of life and support his family.
Carlos, a sus 23 años de edad, es propietario de un negocio donde vende libros de literatura y escolares, actividad que realiza hace 4 años pero que conoce desde pequeño, ya que es una tradición y herencia familiar. Es un hombre emprendedor, dedicado, con visión y muchas ganas de salir adelante; “me gusta trabajar en mi negocio, porque manejo mi propio tiempo y puedo aprender muchas cosas nuevas, además me puede brindar la oportunidad de estudiar en la universidad para poder salir adelante” con estas palabras, Carlos expresa su motivación para solicitar el apoyo de un segundo ciclo de crédito, con el fin de invertirlo en la compra de un lote de libros (escolares y literarios) para aprovechar el descuento que le dan y así poder mejorar sus ingresos por las ventas, esto le brindará la oportunidad de avanzar para cumplir el sueño de realizar una carrera profesional y ampliar su negocio, para así generar los recursos que le den una estabilidad económica que mejore su calidad de vida y le permita llevar el sustento a su familia.
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.