Hector is 51 years old and is full of strength and motivations to get ahead with his wife and three children. Since he was young, he has been doing odd jobs and was not able to attend school. With the money he was able to save up, he was able to start his own business selling candy, frozen treats, and video game services. He works every day from 9:00 am to 9:00 pm. He is asking for a loan so that he can take advantage of the year end vacation and increase his income. His main challenge is to provide his family with a better quality of life and offer his children the opportunity to attend school.
Héctor de 51 años, es un hombre lleno de fortalezas y motivaciones para sacar adelante a su esposa y a sus tres hijos menores de edad. Desde joven se rebuscó la vida realizando trabajos de calle ya que no contó con la fortuna de estudiar. Con los ahorros que logró acumular, montó su propio negocio en donde comercializa dulces, helados y ofrece el servicio de videojuegos. Labora todos los días de 9 de la mañana a 9 de la noche. En estos momentos se encuentra solicitando un crédito para invertir en capital de trabajo, con el fin de aprovechar las vacaciones de fin de año e incrementar sus ingresos. Su mayor reto es brindarle a su familia una mejor calidad de vida y ofrecerles a sus hijos la oportunidad de ingresar a la escuela.
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.