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.
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.
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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