John Enrique is 47 years old and has made a living as a goldsmith for more than 30 years. This business has allowed him to sustain his home and provide his children with housing and an education.
His greatest goal has been to get his family ahead, as he has had to face quite difficult financial situations. Sometimes his work hasn’t had the demand expected, and other times he hasn’t had enough capital to satisfy the level of requests, as is currently the case. For this reason he is seeking a loan to buy raw materials to be able to increase his productivity, which will improve his income and quality of life.
John Enrique de 47 años de edad se dedica a la orfebrería desde hace más de 30 años, actividad que le ha permitido sostener su hogar y brindarle a sus hijos vivienda y educación. Su mayor reto ha sido sacar adelante a su familia pese a que ha tenido que afrontar situaciones económicas bastante difíciles ya que en ocasiones su trabajo no tiene la demanda esperada o en otras no tiene el capital suficiente para satisfacer el nivel de pedidos, como le sucede actualmente. Por esta razón se encuentra en búsqueda de un crédito para comprar la materia prima y poder incrementar su productividad, lo cual mejorará sus ingresos y 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.