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What is the difference between a bank loan and a bank credit?


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Answered 2008-07-17 10:09:25

What is the difference between bank loan and bank credit?

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What is the difference between secured and unsecured loan at the bank?

A secured loan is where there is a physical item that can be claimed if the loan is not paid - a house, a car, jewelry, etc. An unsecured loan is where there is nothing for a bank to take to get its money back if you default, such as education loans, credit cards and similar loans.


How do you record a bank loan in accounting?

Debit cash / bankCredit loan from bank


What is the difference between Home equity loan and a line of credit?

The difference between a home equity loan and a line of credit is that a home equity loan is money that is borrowed against the equitable value of a home, whereas a line of credit is a loan that can used for anything and is not borrowed against the value of a home.


How do you pass journal entry if company take t he loan from bank includes interest?

debit bank accountcredit loan from bankwhen interest incurreddebit interest on loancredit loan from bank


Is it possibleto get an auto loan with a 547 credit score?

It is unlikely that a bank would give a person a loan who has a credit score of 547. A good credit score for a loan would be between 700-800.


Who do you talk to at the bank to check on your bank credit?

You can go to your local bank or the bank which you bank with and ask a mortgage loan officer, or a loan officer to run your credit to see what it is.


What is the journal entry when you take out a bank loan?

Debit cash / bankCredit loan from bank


What is the difference in Conventional loan verses credit card loan?

The primary difference between a conventional loan and a credit card loan is that a conventional loan is given to you in one lump sum whereas a "credit card loan" or line of credit can be drawn down as needed rather than in one lump sum. You can find out more about business lines of credit by visiting www.businessloc.com


Difference between a bank loan and a bank overdraft?

A bank loan is a note that is repaid over years. A bank draft is only used when you don't have the funds in your account.


Can you get a loan from a bank with a responsible co signer?

Your abaility to obtain a loan from a bank is generally based on your credit score and what type of loan you would like to get. Generally, if you have a cosigner that has a good credit report you should be able to get a loan.


How get a loan with a bank with bad credit?

The only way one with bad credit get a loan from a bank is to use a co-signer who has a stronger credit profile.


What is a bank loan?

A bank loan is money that is owed to a lending institution. This can be, for example, a bank or a credit union.



How does one receive bad credit for a bank loan?

One generally doesn't receive bad credit for getting a bank loan. A bank loan can be denied though, if one has bad credit. Bad credit can occur if one does not pay credit card bills on time.


What is the difference between a car loan?

how do interest rate calculated in a car loan finance by chase bank


What is the entry for bank loan account?

Debit Bank Account - Assets Credit Bank Loan Account - Liability





What is the difference between credit officer and loan officer?

credit officer assesses the capacity to pay of the client. loan officer extends loans to the assessed cleint


What will be the journal entry if a bank loan is return?

[Debit] Bank Loan account xxxx [credit] Cash / bank xxxx


What is the journal entry for proceeds of loan from the bank 200000?

debit cash / bank 200000credit bank loan 200000


Can you get a loan from a bank?

yes if you have good credit


What is entry for vehicle loan taken from a bank?

vehicle a/c debit bank loan a/c credit



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