León is an older man who has worked all his life repairing old cars to later sell or put to work. He learned the mechanic's trade by working as a child at the side of his father. He intends to invest the loan in repairing two old vehicles that he now has and putting them to work carrying passengers and transporting items.
His dream is to have a number of vehicles to put to work and produce greater income, with which he could improve his standard of living.
León es un adulto mayor, que ha dedicado toda su vida a la reparación de carros viejos, para luego venderlos o ponerlos a trabajar. Él aprendió el oficio de mecánico, trabajando desde niño al lado de su padre. Pretende invertir el crédito en la reparación de dos vehículos viejos que tiene actualmente y ponerlos a trabajar en la movilización de pasajeros y hacer trasteos.
Su sueño es tener varios vehículos para ponerlos a trabajar y producir mayores ingresos, con los que pueda mejorar su nivel 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.