John is 34 years old. He is an automotive engineer, and five years ago he decided to establish his own workshop dedicated to motorcycle maintenance and repair. John thanks God for this opportunity that has allowed him to become a microentrepreneur and generate the necessary income to sustain his family and educate his 5 year old child.
Today he is asking for this loan which he will invest in the acquisition of a lift platform for the repair of motorcycles, permitting him to guarantee better quality work and to continue improving the quality of life in his home.
John de 34 años de edad, es ingeniero automotriz y desde hace cinco años decidió montar su propio taller dedicado a prestar el servicio de mantenimiento y reparación de motocicletas.
Agradece a Dios por la oportunidad que le ha brindado de convertirse en microempresario y generar los ingresos necesarios para el sustento de su familia y la educación de su hijo de 5 años de edad.
Hoy se encuentra solicitando un crédito que invertirá en la adquisición de una mesa con plataforma para la reparación de las motocicletas, permitiéndole garantizar un trabajo de mejor calidad y mejorando la calidad de vida en su hogar.
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.