Manuel is married and has two adult children. He worked in a well known business until 10 years ago when, due to his age and problems to find employment, he decided to work independently. He got a trolley to distribute coffee and a variety of snacks as a street vendor in order to earn a living.
Manuel dreams of extending his business and improving his income. For this reason, with this loan he will buy a new trolley, as the one he has is extremely run down, and a range of snacks to offer to his customers, who all know him where he sets his trolley every day. This will bring him and his family greater financial stability and will improve his quality of life.
Manuel, casado con dos hijos mayores, trabajaba en una empresa reconocida hasta hace 10 años, en vista de su edad y la problemática para emplearse decidió trabajar de forma independiente; consiguió un carro adecuado para distribuir tintos y variedad de mecatos de manera ambulante para ganarse la vida. Manuel sueña con tener un negocio más amplio y mejorar sus ingresos, por ello, con el crédito solicitado comprará un carro nuevo porque el que utiliza está muy desgastado y surtido de mecato para ofrecerle a su clientela quien ya lo reconoce en el sitio donde se ubica diariamente, esto le traerá a él y a su familia mayor estabilidad económica y mejorará su calidad de vida.
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.