Guillermo dreams of providing his youngest daughter with a higher education. In order to do this, he must keep his business in operation so that he will have the income to make this dream a reality. This entrepreneur currently needs a loan to acquire equipment that will enable him to streamline the process of mounting tires and provide high quality service to his customers.
Ofrecerle educación superior a su hija menor, es el sueño de Guillermo y para lograrlo requiere que su negocio permanezca en el tiempo, pues así podrá contar con los ingresos que puedan hacer de este sueño una realidad. Actualmente este emprendedor requiere de un préstamo para la adquisición de herramientas que le permitirán agilizar el proceso del montaje de las llantas, así logrará atender mayor cantidad de clientes.
Important InformationThis 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.
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