Life Cycle Of A Loan Quiz! Test

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| By Jomay Liu
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Jomay Liu
Community Contributor
Quizzes Created: 6 | Total Attempts: 1,345
Questions: 8 | Attempts: 633

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Life Cycle Of A Loan Quiz! Test - Quiz

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Questions and Answers
  • 1. 

    What factors do lenders consider when deciding whether or not to fund a loan? 

    • A.

      Borrower’s personal story

    • B.

      Intended loan use

    • C.

      Borrower’s photo

    Correct Answer(s)
    A. Borrower’s personal story
    B. Intended loan use
    C. Borrower’s photo
    Explanation
    Lenders consider the borrower's personal story, intended loan use, and borrower's photo when deciding whether or not to fund a loan. The borrower's personal story helps lenders understand the borrower's background, financial situation, and ability to repay the loan. The intended loan use gives lenders an idea of how the funds will be utilized and whether it aligns with their lending criteria. The borrower's photo may be used for identification purposes and to verify the borrower's identity. These factors collectively help lenders assess the risk associated with the loan and make an informed decision.

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  • 2. 

    You disbursed a loan to a borrower on January 1. What is the latest day that you can post this loan in PA2?

    • A.

      January 31 (30 days after it is disbursed)

    • B.

      April 1 (90 days after it is disbursed)

    • C.

      Any day - there is no limit

    Correct Answer
    A. January 31 (30 days after it is disbursed)
    Explanation
    The latest day that you can post this loan in PA2 is January 31, which is 30 days after it is disbursed. This is because the question states that the loan was disbursed on January 1, and the latest day to post it is 30 days after disbursement.

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  • 3. 

    On January 1, you post a loan in PA2 that has not yet been disbursed to the borrower. What is the latest day that you can disburse the loan to the borrower?

    • A.

      January 31 (30 days after it is posted in PA2)

    • B.

      April 1 (90 days after it is posted in PA2)

    • C.

      Any day - there is no limit

    Correct Answer
    B. April 1 (90 days after it is posted in PA2)
    Explanation
    The loan can be disbursed to the borrower up until April 1, which is 90 days after it is posted in PA2. This suggests that there is a time limit of 90 days for disbursing the loan, after which it would no longer be possible to do so.

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  • 4. 

    Where does Kiva obtain the money used to fund your organization’s loans?

    • A.

      From individual lenders located all over the world

    • B.

      From Kiva’s institutional investors

    • C.

      Both A) and B)

    Correct Answer
    A. From individual lenders located all over the world
    Explanation
    Kiva obtains the money used to fund their organization's loans from individual lenders located all over the world as well as from Kiva's institutional investors. This means that both individual lenders and institutional investors contribute to the funding of Kiva's loans.

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  • 5. 

    You post a loan on July 15. On July 22, the loan receives 100% of the requested funding. When will your organization receive the funds for this loan?

    • A.

      On July 22

    • B.

      By the end of July

    • C.

      By the end of August

    Correct Answer
    C. By the end of August
    Explanation
    The organization will receive the funds for the loan by the end of August. This is because even though the loan received 100% of the requested funding on July 22, it does not specify when the funds will be disbursed. Therefore, it can be assumed that it will take some time for the funds to be processed and transferred to the organization, which is why the funds will be received by the end of August.

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  • 6. 

    You post a loan on July 15. On August 9, the loan receives 100% of the requested funding. When will your organization receive the funds for this loan?

    • A.

      On August 9

    • B.

      By the end of August

    • C.

      By the end of September

    Correct Answer
    C. By the end of September
    Explanation
    The organization will receive the funds for the loan by the end of September. This is because it takes time for the funding to be processed and transferred after the loan has received 100% of the requested funding on August 9.

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  • 7. 

    Within PA2, you can look up every loan that your organization has ever posted, regardless of status.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Within PA2, users have the ability to access and view information about every loan that their organization has ever posted, regardless of its current status. This implies that even if a loan is closed or inactive, users can still retrieve its details and history. Therefore, the statement "Within PA2, you can look up every loan that your organization has ever posted, regardless of status" is true.

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Aug 02, 2013
    Quiz Created by
    Jomay Liu
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