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What is an 'Advance Payment'. An advance payment is a type of payment that is made ahead of its normal schedule, such as paying for a good or service before you actually receive the good or service.
Example sentences. 1  In the case of most loans to consumers, and for smaller commercial loans, the advance is usually credited forthwith to the borrower's current account and stands at his disposal at any time. 2  The bank's loan and advances portfolio registered 42 per cent growth, reaching the level of K79.55 billion.