Gabriel is 57 years old and owns a shop that does repairs for washing machines and freezers, as well as sells spare parts. He has had this business for 20 years, and it has been his single source of income by which he provides for his wife and three children.
Gabriel's biggest desire is to be able to buy his own house and improve his family's quality of life. He hopes that his sales increase and that he will soon be able to save enough money to pay the deposit for a house. To do this, he is requesting a loan that he will invest to buy spare parts, with which he will be able to finish some repairs and increase his output.
Gabriels considers that his children's education is fundamental and the best gift he is able to offer them. He sacrifices whatever is necessary in order to give his children a good education.
Gabriel de 57 años de edad, posee un taller de reparación de lavadoras, neveras y venta de repuestos desde hace 20 años, actividad que ha sido su única fuente de ingresos con la cual sostiene a su familia compuesta por su esposa y tres hijos.
Su mayor anhelo es poder adquirir vivienda propia con el fin de mejorar la condición de vida de su familia. Espera que sus ventas mejoren y poder reunir en el dinero para la cuota inicial de su casa. Para esto, se encuentra solicitando un crédito que invertirá en la compra de repuestos, con los que espera poder terminar las reparaciones pendientes y aumentar sus rendimientos. Considera que la educación de sus hijos es fundamental y el mejor regalo que puede ofrecerles, por lo cual sacrifica en lo posible cualquier diversión por garantizarles a sus pequeños una educación.
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.