Update on OrlandoThirty years of experience speak for themselves as to the quality, not only of the service but also the work, that Orlando does in his metal shop. Orlando is well known in his neighborhood due to his long tenure there.
He has worked for thirty years, yet with the knowledge that he gained in that time he hadn't realized that there were tools that would allow him to get the same results in less time. Therefore he is asking for a loan to buy tools to make his work easier, because at the age of 66 the time it takes to add a finishing touch or make a repair gets increasingly difficult.
He is the father of two boys, both of whom are adults, and whom he had with his current wife. They have served as a source of inspiration and strength to get his business ahead. He hopes to continue the tradition of offering his metalworking services to everyone who comes to him.
Previous Loan DetailsOrlando has always considered himself to be very hardworking and wants to give his family a good quality of life. For that reason he puts in effort every day in his locksmith's shop, seeking better financial opportunities for his household. He's been working in this trade for about 40 years. He l... More from Orlando'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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