Oscar learned to repair domestic appliances when he was very young since his family worked in the trade and his father was able to support them through his work.
Oscar wants to expand his business so he can afford to pay for a college education for his children. To do this he must stock repair parts for every type of appliance so he can offer a quick repair service to his customers.
Oscar aprendió a reparar electrodomésticos desde muy joven ya que su familia se ha dedicado a esta labor y es así como su padre pudo sacarlos adelante.
El señor Oscar quiere ampliar su negocio para así poder continuar pagándole a sus hijos los estudios universitarios y para esto necesita mantener repuestos para todo tipo de electrodomésticos y así poder ofrecerle mayor rapidez a sus clientes en la reparación de los mismos.
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.