Update on John FredyThirty-one-year-old John Fredy has worked in the fields since he was a child. He learned farming and ranching thanks to his father. Currently, he works in dairy farming, which has become the source of income for his family, which is made up of his wife and two young children.
His greatest wish is to be able to secure a decent home and a better quality of life for his family. In order to achieve his dream, Fredy wants to increase his production of milk, which is why he is asking for a loan to buy a cow. He expects this to increase his profits so he can offer his children a good education.
En la actualidad se dedica a la lechería, actividad que se ha convertido en la fuente de ingresos para su familia, integrada por su esposa y dos hijos menores de edad.
Su mayor anhelo es poder garantizarle a su familia una vivienda digna y una mejor calidad de vida. Con el propósito de alcanzar su sueño, Fredy desea aumentar su producción de leche, por lo cual se encuentra solicitando un crédito que invertirá en la compra de una vaca, de este modo espera mejorar sus ingresos y ofrecerle a sus hijos una buena educación.
Previous Loan DetailsAt his humble home, located to the east of Medellín in the municipality of Marinilla, señor John Fredy has his own field where he grows beans and chili peppers. John learned farming from his father. For more than ten years he has worked in his field every afternoon after returning from his job at… More from John Fredy's previous loan »
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.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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