Jose does not have much money, but he does have a great desire to get ahead. For some time he has been providing the service of mowing the fields on the farms in his area. This business activity has generated the income needed to support his household. He lives with his wife and five children.
Jose has always been known for the good service and favorable prices he gives his customers. This has allowed him to excel in the presence of the growing competition. Jose now has a problem with his mower, which is his primary work tool.
It is broken, and he is therefore looking for a loan to repair his mower, his main working tool. Jose hopes that this way he will continue offering his service to his customers and continue generating income for his household. Also, Jose hopes that his family will be able to have a better quality of life and greater financial opportunities.
Jose sin mucho capital pero con muchas ganas de salir adelante, viene desempeñando desde hace un tiempo el servicio de arreglar los prados de las fincas de su sector, actividad con la cual ha generado los ingresos necesarios para el sostenimiento de su hogar, donde convive con su esposa y sus 5 hijos. Jose siempre se ha caracterizado por ofrecer una buena atención y ofrecer precios favorables a sus clientes, lo que le ha permitido sobresalir ante la creciente competencia. Actualmente Jose presenta la dificultad de que su guadañadora, su principal herramienta de trabajo, se encuentra averiada, por lo que busca que un préstamo le brinde la posibilidad de acceder a la reparación de su guadañadora, su principal herramienta de trabajo.
Jose espera que de esta manera siga ofreciendo el servicio a sus clientes y pueda seguir generando los ingresos para su hogar. Además, Jose espera que su familia pueda acceder a una mejor calidad de vida y mayores oportunidades económicas.
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.