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  1. Mehrgan's Avatar
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    #1

    "work off a loan balance"?

    Could anyone please tell what this exactly mean?


    Ta!

  2. Mehrgan's Avatar
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    #2

    Re: "work off a loan balance"?

    It could be something like "pay off". But what is a 'loan balance'?



    Cheers!

  3. bhaisahab's Avatar
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    #3

    Re: "work off a loan balance"?

    Quote Originally Posted by Mehrgan View Post
    It could be something like "pay off". But what is a 'loan balance'?



    Cheers!
    A loan balance is the amount of money outstanding on a sum previously borrowed. If I lend you 100 and you pay back 75 the loan balance is 25. Depending on the context, "to work off the loan balance" could mean to work for me for an agreed period instead of paying me the balance in cash.

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