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What are 3 reasons why a comprehensive credit application is important for giving mercantile credit?
Wiki User
∙ 13y ago
Three reasons (not the only reasons) for why a comprehensive credit application is important for providing mercantile (also known as commercial) credit are as follows:
* Historical assets and liabilities disclosure provides clarity as to what the company is worth, providing insights into what the company can afford to borrow
* Historical profit and loss disclosure provides clarity as to how much the company is able to pay in any given period, helping define what the letter/line of credit may be
* Having disclosures on paper and signed by key management figures reduces risk if something goes wrong with repayment
Wiki User
∙ 13y ago
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