InstaCap
InstaCap Credit Qualification Quiz
Test your knowledge of credit qualifications with our engaging quiz! This quiz has been designed to help you understand the key requirements for obtaining loans and lines of credit as an existing or new customer.
Key Topics Covered:
- Minimum credit scores
- Loan and line of credit amounts
- Application and funding timelines
- Eligibility criteria for businesses
What is the minimum credit score for an existing customer?
700
600
680
730
What is the minimum credit score for a new/prospect customer?
700
600
680
730
What is the maximum for a term loan?
75,000
50,000
100,000
50% of the Gross Annual Sales for last tax year filed
What is the maximum for a line of credit?
75,000
50,000
100,000
50 % of the Annual Sales for last tax year filed
How long does the application process take?
3 minutes
30 seconds
3 days
1 week
How long does the decison process take?
3 minutes
30 seconds
3 days
1 week
How long does the funding process take for an existing client?
Same day/next day
Next day
Within 72 hours
Within 5 business days
How long does the funding process take for an new/prospect client?
Same day/next day
Next day
Within 72 hours
Within 5 business days
How long does a business need to have a business checking account to qualify as an existing client?
Any open account will qualify
90 days
6 months
1 year
What is the minimum loan or line of credit amount?
1000
5000
10,000
25,000
How long does a business have to be registered with the Indiana Secretary of State to qualify?
6 months
12 months
18 months
24 months
Are all business industries eligible for the program if they meet the time in business, credit score, and gross sales requirements?
Yes
No
Some industies may be eligible for a term loan, but not a line of credit
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