Henry is 37 years old and is a man with big plans. He is a locksmith and makes chain mail, having learned this after working for a company in the trade. He decide to go independent a few months ago and start his own business so he can improve his financial condition and provide a better quality of life for his family.
His customer base has increased considerable because of his good and friendly service, so he is asking for a loan so he can refresh his tools that are currently deteriorated from use. This investment will allow him to increase his income and guarantee a higher education for his three children.
Henry, de 37 años de edad, es un hombre lleno de sueños y con grandes proyectos por realizar, se dedica al oficio de la cerrajería y a la elaboración de mallas metálicas, actividad que aprendió gracias a la oportunidad que tuvo de emplearse en una empresa del sector.
Desde hace algunos meses decidió independizarse y montar su propio negocio con el propósito de mejorar su condición económica y garantizarle a su familia una mejor calidad de vida.
Por su amabilidad y buen servicio, sus clientes han aumentado considerablemente, lo que lo ha motivado a solicitar un crédito con el fin de renovar su herramienta que se encuentra deteriorada por el uso. Esta inversión le permitirá aumentar sus ingresos y garantizarles a sus tres hijos el acceso a la educación superior.
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.