Señor Luis Albeiro currently sells French fries from a cart and works as a building official. The income from both activities enabled him to bring progress to his wife and their five children, some of whom have not yet completed their studies. At the age of 49, Luis Albeiro wants to buy a cart to sell ice cream ("snowflakes"), thus diversifying his sales and expanding his customer base. He will be able to fulfill his dream of having his children educated until graduation.
El señor Luis Albeiro actualmente se dedica a vender papas fritas en un carrito y ejercer las labores como oficial de construcción. Con ambos trabajos ha podido sacar adelante a su esposa y a sus 5 hijos, algunos de los cuales no han culminado sus estudios. A sus 49 años, el señor Luis Albeiro desea comprar un carro para la venta de helados (copitos de nieve) de modo que pueda diversificar sus ventas y aumentar su clientela, y así poder cumplir su sueño de terminar de brindarle la 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.