If you take Loan from a person,it is Loans(Liability)

Example

Loan taken from SBI 50000,Amount received by cheque which is deposited in ICICI A/c)

Entry is

ICICI Bank Dr

        To SBI Loan A/c

(Here SBI Loan A/c is Loans Liabiity,ICICI Bank is Bank A/c)

It is a Receipt entry

If you give loan to some person,it is Loans Advance Asset

Suppose Loan given to Rakesh 20000 by cheque of ICICI Bank

Entry is

Rakesh Loan A/c Dr

         To ICICI Bank

(Rakesh loan is Loans and Advances Asset

ICICI Bank is Bank Account)

It is a Payment entry

Learn more here

Loan Liability

http://www.teachoo.com/818/250/Term-Loan-Journal-Entries-(EMI-Entries)/category/Loan-Entries/

Loan Asset

http://www.teachoo.com/833/254/What-is-Accrued-Income/category/Accrued-Income-Entries/