Question

What is the difference between loan and credit? ​

Answer 1

Answer:

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.

Answer 2

Answer:

loan is a lump sum of money that is repaid over a fixed term .

Credit is a revolving account that let borrowers draw pay and redraw from available .