Loan Quizzes & Trivia

You don’t need to take out a loan to take our interesting loan trivia quizzes! Take our quizzes and test your knowledge on this important topic. Can you answer questions based on the types of loans available, what interest is, and what a bond is? Whether you simply loved economics at school or you are thinking about taking out a loan, our quizzes are sure to test your knowledge on the world of loans!

Get ready to put on your thinking cap and answer questions such as, “What is a loan covenant?”, “What is the difference between secured and unsecured loans?”, and “What is a concessional loan?” Be a loan professional after attempting our quizzes and impress your friends and family with your new knowledge!
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This quiz is designed to determine if you fully understand compliance issues relating to loan documentation disclosure and packaging

Questions: 10  |  Attempts: 2686   |  Last updated: Jan 17, 2013
  • Sample Question
    How many days do you have to mail initial loan disclosure documents after taking a complete application?

Just a pre test for borrowing information. I would like to see what we as a class know and do not know. Please try your best!

Questions: 14  |  Attempts: 533   |  Last updated: Jan 20, 2016
  • Sample Question
    What is credit?

This assessment will help gauge your Loan Processing skill level.

Questions: 21  |  Attempts: 284   |  Last updated: Jan 9, 2013
  • Sample Question
    Loans with an alternate payment schedule cannot be set up to automatically re-amortize payments. 

Below is a Trivia Quiz on Uniform Residential Loan Application. If you are applying for a loan, you will be required to fill out different forms intended to convince the lender to disperse a certain amount of money to your...

Questions: 5  |  Attempts: 577   |  Last updated: Nov 8, 2019
  • Sample Question
    When the LO takes an application in person and the applicant does not provide the ethnicity, race and sex information, the LO must:  

Questions: 8  |  Attempts: 372   |  Last updated: Feb 5, 2021
  • Sample Question
    What factors do lenders consider when deciding whether or not to fund a loan? 


Loan Questions & Answers

What is the difference between Loans and Advances?
A loan is money given out by financial institution to a person or another organization with the expectation to pay with interest within a due date while Advances are money given to an employee by an employer in order to get a project requiring money
When is a loan application considered complete?
After choosing the best loan option which satisfies your requirement and submitting the required documents such as ID proofs, income proofs, reason to avail the loan amount and considering the credit history, the loan application will be approved. T
What is the difference between FHA and Conventional loans?
FHA refers to the Federal Housing Authority. FHA loan is a type of loan that can be acquired more easily. It does not require a great credit score. It has a higher loan to value ratio than a conventional loan. You can also enlist the help of a co-bor
What is the difference between Grant and Loan?
Most of the time, when we receive a particular amount of money from the government, financial institutions, individuals, at times we will be required to pay the money back, and also, the money can just be given to you, and you will not need to pay it
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