Elkin, 50 years old, worked for a large part of his life as a fast-food vendor. However, he lost a large part of the mobility in his legs 19 years ago due to an accident, so he was in recovery for many years. 10 years ago, his mother bequeathed him a garage and Elkin began offering his services parking street vendor carts. Elkin says this job has turned out to be a great blessing because he can work without any problems arising from his physical limitations.
Today he is asking for a loan which he will use to buy a curtain for the garage, since the one that he has right now is in poor condition. The new curtain will allow him to provide better security for his customers and improve his business.
Elkin de 50 años de edad, laboró gran parte de su vida como independiente en la venta de comidas rápidas, pero desde hace 19 años, a raíz de un accidente perdió gran parte de la movilidad de sus piernas, por lo cual estuvo en recuperación por varios años. Hace 10 años, su madre le cedió un garaje de su propiedad e inició prestando el servicio de parqueadero para las chazas ambulantes.
Élkin asegura que este trabajo se ha convertido en una gran bendición, debido a que puede trabajar sin ningún problema con su limitación.
Hoy se encuentra solicitando un crédito que invertirá en la compra de una cortina para el garaje ya que la que posee actualmente se encuentra en malas condiciones, lo que le permitirá brindarles más seguridad a sus clientes y mejorar su local.
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.