"work off a loan balance"?

[Mehrgan]

Could anyone please tell what this exactly mean?


Ta!

 

[Mehrgan]

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



Cheers!

 

[bhaisahab]

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.