Jorge has more than 20 years of experience in automotive mechanics, a job he learned thanks to the opportunity he was given of beginning his work life in a small repair shop near his home. Several years ago he decided to go out on his own and start his own shop, where paints automobiles and does body work.
He's requesting a loan to invest in buying tools and equipment so he can give better service.
He hopes to guarantee his 16-year-old son a good education and his family a better quality of life.
Jorge tiene más de 20 años de experiencia en mecánica automotriz, actividad que aprendió gracias a la oportunidad que le dieron de iniciar su vida laboral en un pequeño taller cerca a su vivienda. Desde hace algunos años decidió independizarse y crear su propio taller en donde se dedica a la pintura y latonería de vehículos.
Con el fin de ofrecer un mejor servicio, se encuentra solicitando un crédito que invertirá en la compra de herramientas y materiales.
Espera garantizarle a su hijo de 16 años de edad, una buena educación y una mejor calidad de vida a su grupo familiar.
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.