Javier has had to struggle hard in life in order to reach his objectives. His main dream is to start a stamping business, since he worked in this field all his life. This allowed him to gain the experience he needed to become independent. His life has not been a bed of roses. The financial difficulties he has had to face have left him great after effects. His business had periods of very difficult crisis that left him in bankruptcy, but he was full of strength and enthusiasm and decided to start again, so he is asking for a loan to buy a machine that will allow him to save on costs and increase his income to improve his family’s living conditions
Javier es un hombre al que le ha tocado luchar fuertemente en la vida para alcanzar sus objetivos. Su mayor sueño era montar su negocio de estampación, ya que toda su vida laboró dentro de este gremio lo cual le permitió adquirir el conocimiento y la experiencia para independizarse. Su vida no ha sido color de rosas, pues las grandes dificultades económicas por las que ha tenido que padecer, le han dejado grandes secuelas. Su negocio presentó periodos de crisis demasiado fuertes que lo condujeron a la quiebra. Lleno de fuerza y entusiasmo decidió volver a empezar, por lo cual se encuentra solicitando un crédito con el que comprará una máquina que le permitirá ahorrar en costos y aumentar sus ingresos para mejorar las condiciones de vida de su familia.
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.