Fernando, who is 31, affirms that to advance himself, he only needs effort and good opportunities. For five years he has worked as a barber, a trade that he learned empirically and that has constituted the source of income for him and his family. His greatest dream is to improve his business, since he only has a machine that is in bad condition because of wear and tear, and to outfit his work location, since he doesn't have the conditions to provide service. For this reason, he is applying for a loan for this investment because he lacks his own resources.
His daughters, ages 9 and 4, are his greatest motivation, which is why he works hard with the goal of offering them a better future, removed from any economic shortcomings.
Fernando de 31 años de edad, asegura que para salir adelante sólo se requiere de esfuerzo y buenas oportunidades. Desde hace cinco años se dedica a la barbería, oficio que aprendió de forma empírica y se ha constituido en la fuente de ingresos para él y su familia. Su mayor sueño es mejorar su negocio, pues sólo cuenta con una máquina la cual se encuentra en mal estado por desgaste de uso y acondicionar el lugar, ya que no cuenta con las condiciones para la prestación del servicio. Razón por la cual se encuentra solicitando un crédito para la dicha inversión, debido a que carece de recursos propios.
Sus hijas de nueve y cuatro años de edad, son su mayor motivación, por lo cual trabaja arduamente a fin de brindarles un mejor futuro, alejadas de toda carencia económica.
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.