Alberto started selling vegetables 30 years ago at the main park of his municipality. With this business he generates the income necessary to cover his home expenses and provide for a good quality of life to his wife and three children. Because he is currently going through financial difficulties that has his family suffering from a bad quality of life, Alberto needs to request a loan to buy the vegetables he needs to stock his business and continue selling to his clients.
Alberto hopes to be able to get through this crisis and improve the conditions of his home. In addition, he hopes that in the future his three children can finish university education.
Alberto tiene desde hace 30 años una venta de verduras en una parte del parque principal de su municipio, y con este es que genera los ingresos que necesita para sostener los gastos de su hogar y brindarles una buena calidad de vida a su esposa y sus 3 hijos. Como en el momento está atravesando una gran dificultad económica que tiene a su familia pasando por una muy mala calidad de vida, Alberto tiene que acudir a un préstamo para comprar las verduras que necesita para surtir su negocio y seguir vendiendo a sus clientes.
Alberto espera poder superar esta crisis y mejorar las condiciones de vida en su hogar. Además en un futuro aspira a que sus 3 hijos terminen la educación universitaria.
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.