Question

what is difference between credit and loan? ​

Answer 1

Explanation:

The main difference between a loan and a line of credit is how you get the money and how and what you repay. A loan is a lump sum of money that is repaid over a fixed term, whereas a line of credit is a revolving account that let borrowers draw, repay and redraw from available funds

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Answer 2

Answer:

Debt deals with the money that has been borrowed or as a result of borrowing money whereas credit represents the money available to be borrowed. ... An example of credit includes credit card and line of credit. A credit card is used to purchase goods and services with borrowed money.

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