Vidal is 42 years old. He is known in his community for the great service he provides. His beauty salon is without a doubt one of the most popular thanks to his work. With more than 15 years experience, this man has been able to earn the affection of his community. He says that he learned the trade thanks to his mother and various trainings that he has done. Today he wants to improve the quality of his service and so he is asking for a loan that he will invest in buying a computer so that his customers can use it while they are waiting their turn. This way, he will have value added to his business and increase the number of users and income.
Vidal de 42 años de edad, es reconocido en su localidad, por el gran servicio que presta. Su salón de belleza es sin duda uno de los más populares gracias a su trabajo. Con más de 15 años de experiencia, este hombre ha sabido ganarse el cariño de su localidad. Cuenta que aprendió el oficio gracias a su madre y varias capacitaciones que realizó. Hoy desea mejorar la calidad en el servicio, por lo cual se encuentra solicitando un crédito que invertirá en la compra de un computador con el fin de que los clientes lo usen mientras esperan el turno. De esta manera dará un valor agregado a su negocio y aumentará el número de usuarios e ingresos monetarios.
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.