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Faver Alexander
Faver learned how to repair household appliances as a young man and continued in this line of work in order to financially support his household. His parents were very poor and had great financial needs. As time passed, he gained more knowledge on the job and one day decided to start his own business so that he could work independently and progress financially.


Faver started his business 20 years ago. Thanks to his efforts, he has been able to overcome great hardships in life. His wife now works alongside him in his shop by responding to the requests from all of his customers. In order to meet the demands of his customers, Faver is seeking a loan so that he can buy the spare parts that he needs to fulfill the requests of his customers.


His dream is to move forward and improve the quality of life of his wife and their one-year-old son. In addition, he dreams of buying a house of his own so that he can provide a stable home for his family.

View original language description ↓
Faver aprendió la actividad de la reparación de electrodomésticos desde muy joven y así consiguió empleo con el cual aportaba económicamente para su hogar, ya que sus padres eran muy pobres y tenían grandes necesidades económicas. Con el paso del tiempo fue aprendiendo cada vez más de la actividad hasta que un día decidió montar su propio negocio y trabajar de manera independiente, buscando progresar financieramente. Hace 20 años que inició con su propio negocio y gracias a su esfuerzo ha superado grandes dificultades del camino, hasta el punto que ahora su esposa le colabora en el taller para poder responder a todos los pedidos de los clientes. Con el fin de cumplir con la demanda de los clientes, Faver busca un préstamo para comprar repuestos que necesita y así seguir cumpliendo a los pedidos de los clientes.

Su sueño es salir adelante y mejorar la calidad de vida de su esposa y su hijo de 1 años. Además sueña con poder comprarse su casa propia y ofrecer un hogar estable para su familia.

Additional Information

Important Information

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.

About Colombia

  • $6,070
    Average annual income
  • 342
    View loans »
    Colombia Loans Fundraising
  • $14,070,600
    Funds lent in using Kiva
  • 1,798.5
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,675 helped Faver Alexander to buy spare parts.
100% repaid
Repayment Term
8 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Sep 11, 2012
Listed
Oct 11, 2012
Currency Exchange Loss:
Covered
Ended:
Apr 18, 2013