Luis, 46, is a widower and has worked for 20 years as a security guard. He used to alternate this acitivity with working at the store his mother sold to him on a credit basis. The son used to manage the store occasionally, but Luis decided to take over the family business completely and gave up the other job.
His goal is to pay off his debt and buy goods (sodas, dairy products, cookies, sweets, etc.) for the business since it is very well-known in its neighborhood. It will be one of the best ways to continue increasing his income and providing his family with a good lifestyle.
Luis, de 46 años de edad, es viudo, desde hace 20 años trabajaba como guarda de seguridad, y esta actividad la alternaba con una tienda que tenía por parte de su madre el cual le cedió para cancelarlo por cuotas, la tienda por temporadas la administraba su hijo, pero Luis decidió dedicarse por completo al negocio familiar; renunció a la otra actividad. Sueña con terminar de cancelar esta deuda, con el restante comprará surtido (gaseosas, lácteos, galletería, dulces, etc) para el negocio, ya es muy reconocido en el barrio donde está ubicado. y será una de las mejores alternativas para seguir incrementando sus ingresos, mejorando el bienestar de la famiia.
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.