We help a young man in Dominican Republic refinance his crippling debt

This month the Devereaux bunch is helping Wilfredo from the Dominican Republic. This is our 49th US$25 loan through Kiva.

Here’s what Kiva had to say about his application:

“With a loan of 51,750 pesos, Wilfredo has been able to pay off a loan that had an excessively high interest rate.

Wilifredo has been a transportation route driver in his community for 10 years. The monthly payments that he had to pay on the loan for his vehicle were so high that, along with monthly maintenance costs for the minibus, he was left with hardly enough money to maintain his home.

Wilifredo is married, his wife sells empanadas at the public school in the community. They have two children, aged 14 and 7, who attend that same school.

Wilifredo plans to change the vehicle once he has finished paying off the loan. Wilifredo wants to finish high school, and in this way set an example for his children to motivate them to continue their studies.”

The average annual wage in the Dominican Republic is US$7611. Hopefully this loan will help Wilfredo to keep more of his hard earned cash in his pocket.

Here’s what Kiva says about itself:

“100% of every dollar you lend on Kiva goes directly towards funding loans; Kiva does not take a cut. Furthermore, Kiva does not charge interest to our Field Partners, who administer the loans.
Kiva is primarily funded through the support of lenders making optional donations. We also raise funds through grants, corporate sponsors, and foundations.

Making a loan on Kiva is so simple that you may not realize how much work goes on behind the scenes.

Kiva works with microfinance institutions on five continents to provide loans to people without access to traditional banking systems. One hundred percent of your loan is sent to these microfinance institutions, which we call Field Partners, who administer the loans in the field.

Kiva relies on a world wide network of over 450 volunteers who work with our Field Partners, edit and translate borrower stories, and ensure the smooth operation of countless other Kiva programs.”