Hot Student Stories
top-5-grammar-and-spelling-checkers-to-rock-in-2019

Difference between loan and advance?

Curtis Rhodes

in Student Loans

follow
followin
1 answer
2 views

1 answer


Ralph Lopez on August 8, 2018

The difference between a loan and an advance is that the loans arecontractual agreements that have terms for the repayment of the loan. A loan ismoney that you get from someone or a bank that is going to pay for it,usually with interest. An advance is money that you receive based onfuture earnings as a paycheck. If you take an advance on yourearnings, your next paycheck will be less by the amount of theadvance.


Add you answer