Loan Processor Question:
Download Questions PDF

Explain what is the difference between bank guarantee and letter of credit?

Answer:

There is not much difference between bank guarantee and letter of credit as they both take the liability of payment. A bank guarantee contains more risk for a bank than a letter of credit as it is protecting both parties the purchaser and seller.

Download Loan Processing Interview Questions And Answers PDF

Previous QuestionNext Question
Tell me what skills do you feel are most essential in order to be a successful Mortgage Loan Processor?Tell me what is ‘Bill Discount'?