Sapa: Loans & Advances
Hello again folks. How are we gearing up for the Easter celebrations? I wish you all a restful and fruitful celebrations.
So, we are delving into our new topic, Sapa: Loans & Advances today.
First off, some definitions - What are Advances? An advance is part of an earned sum of money requested before the due date to meet a need or carry our a given purpose.
First off, some definitions - What are Advances? An advance is part of an earned sum of money requested before the due date to meet a need or carry our a given purpose.
Most of us are used to giving advances against a job completion to carpenters, tailors, plumbers etc. Balance payment is made upon completion of the job.
However, this is not the only definition or use of Advances. Advances can also be given against an assured payment like salary, allowance, upfront payment etc because of an urgent need.
For example, I get a new apartment and need to settle rent and my housing allowance is not due till say next quarter. I can request to be advanced part or all of my allowance to meet my need for rent payments now.
For example, I get a new apartment and need to settle rent and my housing allowance is not due till say next quarter. I can request to be advanced part or all of my allowance to meet my need for rent payments now.
