Update on Frady AlbertoFrady is a vigorous and hardworking man, who has worked in his own mechanic workshop for the last three years. This is a trade he learned empirically and with which he makes a living.
He needs the loan for support to buy parts (spark plugs, set of lights, mirrors, brakes). This will allow him to have more variety to satisfy the needs of his customers and carry out necessary repairs. He will be able to turn in the vehicles in a timely manner and thus generate better income for offering his services. Frady says that his greatest desire is to grow his business and improve profitability to guarantee a better level of life and wellbeing for his family.
El crédito lo solicita como apoyo para comprar repuestos (bujías, juego de luces, retrovisores, frenos), esto le permitirá tener más variedad para satisfacer la necesidad de sus clientes y realizar las reparaciones necesarias, con lo que podrá entregar los vehículos de manera oportuna y así generar mejores ingresos por la prestación de sus servicios.
Frady manifiesta que su mayor anhelo es ampliar su negocio y mejorar la rentabilidad para garantizar un mejor nivel de vida y bienestar para su familia.
Previous Loan DetailsAlberto is 23 years old and has spent more than three years doing repairs and maintenance on motorcycles. He started this business taking advantage of his being the only service offered in the area. He has had good results as it is an area with a lot of motorcycle taxis. With his profits he has ... More from Frady 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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