By: Ryan Fyfe


If you’ve ever been in a situation where you needed money that you didn’t have, you probably already know about loans and credit cards. Here is a brief Explanation on What both are:


Loans
A loan is a type of financial aid which must be repaid, normally with interest. Interest rates depend on the type of loan, the length of the loan and other relating factors. Loans are normally
paid back over a set period of time where the borrower will be responsible for paying back a certain amount of the total debt each month.


Credit Card
A credit card is a “card” whose holder has been given a revolving credit line by a financial institution. The card allows the holder to make purchases and/or cash advances up to a
pre-arranged limit. The credit amount used during any given month can be settled in full by the end of a specified period or in part, with the balance taken as extended credit. Interest may be
charged on the..

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