Update on Hector DarioHéctor is 50 years old. He is an entrepreneur who has his own business where he sells candies and cell phone minutes. His work schedule is from 7:30 a.m. to 6:00 p.m. Monday through Saturday. He works hard to generate his own income and offer his son a good education.
He started developing his activity because his work contract as a bricklayer ran out. This situation led to him finding secondary employment to generate resources and support his family.
Today he needs to stock up to increase his sales and improve his income to guarantee his family a better quality of life. His biggest dream is own his own home.
Comenzó a desarrollar su actividad debido a que se le acabó su contrato como albañil, situación que lo condujo a subemplearse para la generación de recursos y el sostenimiento de su familia.
Hoy requiere de la compra de surtido, para aumentar sus ventas y mejorar sus ingresos con el fin de garantizarle a su familia una mejor calidad de vida. Su mayor sueño es poder tener vivienda propia.
Previous Loan DetailsHector Dario has worked in construction for many years, however in order to increase his income he decided to have a stall to sell sweets, packed lunches and cigarettes on the street. With this additional income he is able to increase his and his family's quality of life. He wants to have a… More from Hector Dario'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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Success!! The loan was 100% repaid
- Repayment Term
- 20 months (Additional Information)
- Repayment Schedule
- Mar 13, 2013
- Apr 7, 2013
- Currency Exchange Loss:
- Nov 17, 2014
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.