Broad Match Keyword:
Broad match keyword means that your ad may show if a search query contains your keyword terms in any order, and possibly along with other terms. For example if you set instant loans as broad match then your ad may show by instant loans, instant loans UK, instant, loans, instant loans for bad credit and so on.
Phrase Match Keyword:
Phrase match keyword triggers your ad to show only when someone searches on your exact phrase, or with additional words before or after. For Example if you set bad credit loans as phrase match then it may show bad credit loans, instant bad credit loans, quick bad credit loans not for bad, credit, loans. I hope it will help you to know the difference between broad match keyword and phrase match keyword.
Thanks and Regards