Julio is an older man who is single and hardworking. He began working as a mechanic at a garage 20 years ago. He finished his employment contract and decided to start his own machine shop for all kinds of vehicles. He has several employees and his greatest dream is to expand his business and purchase equipment and technology for Montallantas tires to expand into this tire service. The money will be invested in the team and also to purchase the right tools for this new service. His shop is reputable and increasing his services and generating more revenue for the workshop will significantly improve his quality of life.
Julio es un hombre mayor de edad, soltero y muy trabajador, desde hace veinte años trabajaba como mecánico en un taller, terminado su contrato de trabajo, decidió iniciar su propio taller de mecánica de toda clase de vehículos, tiene varios empleados y su sueño primordial es ampliar el negocio y adquirir un equipo de tecnología avanzada para montallantas y complementar de esta forma el servicio de la mecánica, el dinero que le presten lo invertirá en el equipo y comprará además herramienta adecuada para el nuevo servicio, su taller ya es de renombre, aumentando sus servicios y generando más ingresos al taller, mejorando notablemente su calidad de vida.
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.