Juan is 20 years old and lives in the town of Cañas Gordas, Antioquia, Colombia. Due to a lack of education, his opportunities for employment are zero, so he saw the need to obtain a source of income that would allow him to get ahead and support his three year old daughter, so he decided to buy a motorcycle car and transport people within the urban area and to surrounding areas. He is able to earn his daily bread in this way and generate income to provide his daughter with a dignified home.
He is asking for this loan to do maintenance on his moto-taxi and make improvements to the seats so that he can provide better service.
Juan de 20 años de edad, vive en el Municipio de Cañas Gordas, Antioquia, Colombia. Debido a la falta de educación las oportunidades de empleo son nulas, por lo cual se vio en la necesidad de obtener una fuente de empleo que le permitiera salir adelante y responder por su hija de 3 años. Fue así como decidió comprar una moto-carro y transportar personas dentro del casco urbano y a las veredas aledañas. De esta manera se gana el pan diario y genera ingresos para ofrecerle a su hija condiciones de vida digna.
En la actualidad se encuentra solicitando un crédito para realizar mantenimiento a la moto-taxi y mejoras a la silletería, con el fin de mejorar la calidad en el servicio.
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.