Luis is a 45 year old merchant. He is married and has two children. Before selling merchandise, Luis used to have a hardware store that he sold to become a driver. With a desire to improve his income and quality of life, he started travelling to Venezuela to bring merchandise to sell. His dream is to buy lots of merchandise and be able to satisfy the market demand that is very extensive. He will be able to buy items with this loan (clothing, body creams, perfumes) and provide better wellbeing and financial stability for his family.
Luis, un comerciante de 45 años, casado y con dos hijos, antes de trabajar con la venta de mercancías, Luis tenía una ferretería, la vendió y se dedicó a ser conductor, con el anhelo de mejorar sus ingresos y la calidad de vida para toda la familia, él empezó a viajar a Venezuela y traer mercancía para la venta, su sueño constante es invertir en mucha mercancía y poder satisfacer la demanda del mercado lo cual es muy extenso. Con el crédito podrá realizar las compras de surtido (ropa, cremas corporales, perfumería) y brindarle a su familia un mejor bienestar y una muy buena estabilidad económica.
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.