Update on Hugo AlbertoHugo is 52 years old. He is passionate about transport vehicles. It is because of this passion that he has become an excellent mechanic.
Today he is known in his field due to the quality of service he provides. With over 36 years’ experience, he has become number one in his locality.
Thanks to his parents he opened his own workshop. This workshop is how he earns his income. He comments that his greatest motivation is his wife and daughter (who is 22 years old). He hopes that she will go to university to start her university education.
He is requesting this loan which he will invest in the purchase of hand tools to replace old tools that are in bad condition.
Hoy es reconocido en el sector debido a la calidad en el servicio. Con más de de 36 años de experiencia se ha convertido en el número uno.
Gracias a sus padres, logró montar su propio taller, el cual se ha convertido en su fuente de ingresos. Asegura que su mayor motivación es su esposa e hija de 22 años de edad, la cual espera ingresar a la universidad para iniciar su proceso de formación universitaria.
En la actualidad se encuentra solicitando un crédito que invertirá en la compra de herramientas de mano con el fin de remplazar las que se encuentran en mal estado.
Previous Loan DetailsHugo has spent much of his life working as a mechanic, which has allowed him to gain much expertise. He has his own vehicle repair shop where he has been in business for approximately 35 years. Because of his good customer service and the quality of his work he has gained many customers. He is… More from Hugo Alberto'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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