Miguel is 20-year-old young man who is clear about what he wants in life and how to get it. He finished high school two years ago and his family could not afford a university career. He works making wood products for beds, pieces for construction, boxes to pack fruits, and stakes.
He learned his trade working as an assistant in a carpentry store and later started his own business in a place that he rented.
His biggest dream is to go to the university and graduate like a great professional. Currently he is asking for a loan to buy wood in large quantities to reduce costs, with the goal of saving money and be able to start his university education.
Miguel es un joven de 20 años de edad que tiene claro que es lo que quiere en la vida y como lograrlo. Terminó el bachiller hace dos años y como su familia no contaba con los ingresos para darle una carrera universitaria se dedicó al aserrío de maderas produciendo tendidos para camas, teleras para la construcción, cajones para empacar frutas, estacas y estacones. Aprendió el oficio trabajando como ayudante en una carpintería y posteriormente inició con su propio negocio en un local que alquiló. Su mayor deseo es ingresar a la universidad y poderse graduar como un gran profesional. En estos momentos se encuentra solicitando un crédito para comprar madera por cantidad y reducir costos, con el fin de ahorrar dinero y poder comenzar con sus estudio universitario.
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.