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Hello!
Here's a short 5 question quiz to see how much you know about business lending. Good luck!
Seller Community Manager
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Thanks for taking the quiz! Here's the answer key so you can see how you did!
Answer Key:
1. D) All of the above - Business loans can be used to help businesses get more inventory, purchase new equipment, hire more employees, or anything else it needs.
2. B) False - A line of credit is very similar to a credit card in many respects - such as the replenishment feature. Each may have its benefits and challenges for the business depending on the finance terms. For example, a credit card may not have the full balance available to use for cash purchases, while a line of credit would be fully available. Square Capital currently does not offer access to a line of credit or credit cards.
3. D) Business revenue - Business revenue is usually considered when a lender is decisioning a loan application, but it is not generally available on a credit report. While the Square payment processing loan factors in your business processing volume to assess your eligibility, it is not the only thing we’re looking at!
4. E) All of the above - It’s important to weigh your business plan, current financial standing, and the products available before deciding to take out a loan for your business. If you want to learn more, you can check out these 5 questions business owners should ask before taking on debt.
5. D) All the above - Depending on the terms of the loan, you may be required to pledge inventory, business equipment, or the business’s accounts receivable as collateral. With a loan through Square Capital, we don’t require a pledge of collateral for loans less than $75,000.
Seller Community Manager
Did you find help in the Seller Community? Mark a Best Answer to help others.
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Thanks for taking the quiz! Here's the answer key so you can see how you did!
Answer Key:
1. D) All of the above - Business loans can be used to help businesses get more inventory, purchase new equipment, hire more employees, or anything else it needs.
2. B) False - A line of credit is very similar to a credit card in many respects - such as the replenishment feature. Each may have its benefits and challenges for the business depending on the finance terms. For example, a credit card may not have the full balance available to use for cash purchases, while a line of credit would be fully available. Square Capital currently does not offer access to a line of credit or credit cards.
3. D) Business revenue - Business revenue is usually considered when a lender is decisioning a loan application, but it is not generally available on a credit report. While the Square payment processing loan factors in your business processing volume to assess your eligibility, it is not the only thing we’re looking at!
4. E) All of the above - It’s important to weigh your business plan, current financial standing, and the products available before deciding to take out a loan for your business. If you want to learn more, you can check out these 5 questions business owners should ask before taking on debt.
5. D) All the above - Depending on the terms of the loan, you may be required to pledge inventory, business equipment, or the business’s accounts receivable as collateral. With a loan through Square Capital, we don’t require a pledge of collateral for loans less than $75,000.
Seller Community Manager
Did you find help in the Seller Community? Mark a Best Answer to help others.
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Can I borrow money from Square?
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