Loot Bonus And Loot Quality

I know sort of how loot bonus and quality works, but could someone give me a precise explanation of how they both work, so I can decide if I should stick to LB or have LB + LQ.

Thanks to whoever can explain it to me. :D

 

Loot bonus increases the quantity of drops. It also has diminishing returns on loot chests.

Loot quality increases your chance of getting rarer items and decreases your chance of getting more common items. This does not have a diminishing return on loot chests.

You'll want to have a good balance of LB and LQ. Loot quality is very good overall, since you find better items, but in order to get good value off of LQ, you'll need some LB so you see more items overall

 

Thank you