Invariants are the predominant approach to verify the correctness of loops. As an alternative, loop contracts, which make explicit the premise and conclusion of the underlying induction proof, can sometimes capture correctness conditions more naturally. But despite this advantage, the second approach receives little attention overall, and the goal of this paper is to lift it out of its niche. We give the first comprehensive exposition of the theory of loop contracts, including a characterization of its completeness. We show concrete examples on standard algorithms that showcase their relative merits. Moreover, we demonstrate a novel constructive translation between the two approaches, which decouples the chosen specification approach from the verification backend.