This type of Loan is offered to borrower to start their business and can be used to build a storefront, to acquire inventory or pay franchise fees to get a business rolling.
You can access the account as the saving account but, unlike saving account, you cannot earn interest on this account. The benefit of this account is that there is no limit for withdrawal.
3. What is Investment management system?
It is a process of managing money, including investments, banking, budgeting and taxes.
A pay-day loan is generally, a small amount and a short-term loan available at high interest rate. A borrower normally writes post-dated cheques to the lender in respect to the amount they wish to borrow.
5. What is Credit management system?
Credit management system is a system for handling credit accounts, assessing risks and determining how much credit to offer to the customer.
6. What is Financial management system?
Financial management system is used to govern and keep a record of its income, expense and assets and to keep the accountability of its profit.
7. What do you mean by term 'Usury'?
When a loan is charged with high interest rate illegally then it is referred as 'Usury'. Usury rates are generally set by State Law.
8. What is Loan management system?
The database collects all the information and keeps the track about the customers who borrows the money.
9. What is Retail or consumer banking?
It is a small to mid-sized branch that directly deals with consumer's transaction rather than corporate or other banks
10. What do you mean by co-maker?
A person who signs a note to guarantee the payment of the loan on behalf of the main loan applicant's is known as co-maker or co-signer.
11. What is Corporate or business banking?
Corporate banking deals with cash management, underwriting, financing and issuing of stocks and bonds
12. What is inter-bank deposit?
Any deposit that is held by one bank for another bank is known as inter-bank deposit. The bank for which the deposit is being held is referred as the correspondent bank.
13. What do you like about working at Quicken Loans?
I like the great salary plus commissions. It's a team of people you love to work with.
14. What is negative Amortization?
When repayment of the loan is less than the loans accumulated interest, then negative Amortization occurs. It will increase the loan amount instead of decreasing it. It is also known as 'deferred interest'.
The repayment of the loan by instalment to cover principal amount with interest is known as 'Amortization'.
16. What is ATM banking (Automated Teller Machine)?
It is an electronic banking outlet, which allows customers to complete basic transaction.
17. What is Stock market management system?
The stock market management is a system that manages financial portfolio like securities and bonds.
18. What is Non-traditional options?
There are many non-bank entities that offer financial services like that of the bank. The entities include credit card companies, credit card report agencies and credit card issuers
A system to reduce the number of credit checks on financial transaction is known as credit-netting. Such agreement occurs normally between large banks and other financial institutions. It places all the future and current transaction into one agreement, removing the need for credit cheques on each transaction.
20. What is the card based payments?
There are two types of card payments
a) Credit Card
b) Debit Card
'LIBOR' stands for London Inter-Bank Offered Rate. As the name suggest, it is an average interest rate offered for U.S dollar or Euro dollar deposited between groups of London banks. It is an international interest rate that follows world economic condition and used as a base rate by banks to set interest rate. LIBOR comes in 8 maturities from overnight to 12 months and in 5 different currencies. Once in a day LIBOR announces its interest rate.
In 'Bill Purchase' the loan will be created for the full value of the draft and the interest will be recovered when the actual payment comes. For example, a 'Sight draft' is presented for which the loan is created for 100% of the draft value. The money is received after 7 days, and then the interest will be recovered for 7 days along with the principal amount.
You can save your money in such account and also earn interest on it. The number of withdrawal is limited and need to maintain the minimum amount of balance in the account to remain active.
24. Tell us what was the work environment like?
It was very fast-paced. That's the best way to describe it. It was fast-paced, we had our own cubicles, called common business card holders, and that was pretty much it.
25. What is Small Business Administration Loans?
It is a Federal Agency (U.S) that gives funding to small businesses and entrepreneurs. SBA (Small Business Administration) loans are made through banks, credit unions and other lenders who partners with SBA.
26. What do you mean by term 'Loan Maturity' and 'Yield'?
The date on which the principal amount of a loan becomes due and payable is known as 'Loan Maturity'. Yield is commonly referred as the dividend, interest or return the investor receives from a security like stock or bond, interest on fix deposit etc. For example, any investment for $10,000 at interest rate of 4.25%, will give you a yield of $425.
ACH stands for Automated Clearing House, which is an electronic transfer of funds between banks or financial institutions.
28. What is debt-to-Income ratio?
The debt-to-income ratio is calculated by dividing a loan applicant's total debt payment by his gross income.
29. What is Money Market Account?
This account gives benefits of both saving and checking accounts. You can withdraw the amount and yet you can earn higher interest on it. This account can be opened with a minimum balance.
30. What is Core banking system?
Core banking is a service provided by a networked bank branches. With this, customer can withdraw money from any branch.
31. What is Cost Of Funds Index (COFI)?
COFI is an index that is used to determine interest rates or changes in the interest rates for certain types of Loans.
The classification of loan based on various risks and parameters like repayment risk, borrower's credit history etc. is known as 'loan grading'. This system places loan on one to six categories, based on the stability and risk associated with the loan.
33. What is (APR) Annual Percentage Rate?
APR stands for Annual Percentage Rate, and it is a charge or interest that the bank imposes on their customers for using their services like loans, credit cards, mortgage loan etc. The interest rate or fees imposed is calculated annually.
34. Explain what was your favorite part about working there?
My favorite part was knowing that if I had an issue, I can always just dial a number and there was someone who could help me. Sometimes, people called with questions that you couldn't really answer, so knowing that there was help was the best thing about working there.
35. Do you have any tips for others interviewing with this company?
Do not consider this company if you do not have strong sales skills and/or mortgage experience.
