Omar is 35 years old and has had to struggle through life to get his family ahead. He began working as a mechanic when he was 14 years old so he decided to attend a trade school to perfect the art. Later he worked at different mechanic shops in the city of Rionegro, Colombia and then decided to start his own business in order to improve his financial situation.
His workshop is his only source of income for his home. His greatest dream is to offer his wife and 8 month old son a dignified life and he needs this loan in order to make that happen. He will use the money to buy steering and general spare parts needed to develop his business.
Omar de 35 años de edad, ha tenido que guerrearse la vida para sacar a su familia adelante, Desde los 14 años se inclinó por el oficio de mecánica, razón por la cual decidió ingresar a una academia a perfeccionarlo. Posteriormente laboró en diferentes talleres del municipio de Rionegro, Colombia y posteriormente decidió montar su propio negocio con el fin de mejorar su situación económica.
Su taller es su única fuente de empleo y de ingresos para el hogar. Su mayor sueño es ofrecerles a su esposa y a su hijo de 8 meses una vida digna y para lograrlo requiere de un crédito que invertirá en la compra de una prensa, extractores de volantes y repuestos en general, necesarios para el buen desarrollo de su actividad.
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.