How To Post An Individual Loan

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| By Jomay Liu
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Jomay Liu
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Quizzes Created: 6 | Total Attempts: 1,376
| Attempts: 186
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  • 1/10 Questions

    Step 1: Which of the following is NOT an acceptable loan use because it is too vague?

    • To buy fruits and vegetables for his grocery store
    • To add working capital
    • To buy a sewing machine
    • To pay tuition fees
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About This Quiz

This quiz, titled 'How to Post an Individual Loan,' evaluates key competencies in loan processing. It covers the importance of accurate client and loan IDs, discerns acceptable loan uses, and stipulates timelines for disbursal dates, enhancing operational accuracy in financial services.

Loan Processing Quizzes & Trivia

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  • 2. 

    Step 2: The disbursal date can be no more than ____ days in the past.

    • 30

    • 60

    • 90

    Correct Answer
    A. 30
    Explanation
    The disbursal date refers to the date on which funds are released or paid out. In this context, the correct answer is 30 days. This means that the disbursal date cannot be more than 30 days in the past, indicating that the funds must have been released within the last month.

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  • 3. 

    Step 2: The disbursal date can be no more than ____ days in the future.

    • 30

    • 60

    • 90

    Correct Answer
    A. 90
    Explanation
    The disbursal date refers to the date on which a payment or loan is made. In this case, the question is asking for the maximum number of days in the future that the disbursal date can be. The correct answer is 90, which means that the disbursal date cannot be more than 90 days in the future.

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  • 4. 

    Step 2: The repayment schedule consists of:

    • 2 columns: Collection date, principal due

    • 3 columns: Collection date, principal due, interest due

    • 4 columns: Collection date, principal due, interest due, interest rate

    Correct Answer
    A. 3 columns: Collection date, principal due, interest due
    Explanation
    The repayment schedule consists of three columns: Collection date, principal due, and interest due. This means that for each collection date, the schedule includes the amount of principal that is due to be repaid and the amount of interest that is due to be paid. The interest rate is not included in the schedule, indicating that it is not necessary to track the interest rate for each payment.

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  • 5. 

    Step 3: What is REQUIRED to appear in the photo that is uploaded?

    • Borrower’s house

    • Borrower’s face

    • Item(s) that the borrower purchased with the loan

    Correct Answer
    A. Borrower’s face
    Explanation
    The correct answer is "Borrower's face" because in order to verify the identity of the borrower, it is necessary for their face to be visible in the photo that is uploaded. This helps to prevent fraud and ensure that the loan is being used by the intended borrower.

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  • 6. 

    Kiva guarantees funding for all loans posted on its website.

    • True. All loans automatically receive funding.

    • False. Kiva lenders must choose to fund loans.

    Correct Answer
    A. False. Kiva lenders must choose to fund loans.
    Explanation
    The correct answer is False. Kiva lenders must choose to fund loans. This means that not all loans posted on Kiva's website are guaranteed to receive funding. Instead, it is up to the lenders to decide which loans they want to fund.

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  • 7. 

    Step 1: Why is it important to enter an accurate Client ID?

    • A) It enables you to track the borrower in PA2.

    • B) It enables you to relist the borrower should he or she take additional loans in the future.

    • Both A) and B)

    Correct Answer
    A. Both A) and B)
    Explanation
    Entering an accurate Client ID is important because it enables you to track the borrower in PA2, which is necessary for managing and monitoring their loans. Additionally, it allows you to relist the borrower if they take additional loans in the future, ensuring that their information is up to date and easily accessible.

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  • 8. 

    Step 1: Why is it important to enter an accurate Loan ID?

    • A) It enables you to track the loan in PA2.

    • B) It enables you to report repayments in PA2.

    • Both A) and B)

    Correct Answer
    A. Both A) and B)
    Explanation
    Entering an accurate Loan ID is important because it enables you to track the loan in PA2 and report repayments in PA2. By entering the correct Loan ID, you can easily monitor the progress of the loan and ensure that all repayments are accurately recorded. This helps in maintaining accurate records and ensuring that the loan is properly managed.

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  • 9. 

    Please provide your feedback on this video (this question is not graded):  How would you rate this video?

    • 5 - Excellent

    • 4 - Very Good

    • 3 - Good

    • 2 - Fair

    • 1 - Poor

  • 10. 

    Optional: Please provide your feedback on this video (this question is not graded):  Do you have any comments about this video?

Quiz Review Timeline (Updated): Mar 18, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 18, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jul 16, 2013
    Quiz Created by
    Jomay Liu
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