A borrower is a person who receives something on loan or borrowed money from another individual, institution, or organization. The term can also refer to someone who takes out loans or credit for personal use or investment purposes.
Usage examples
The borrower approached the bank for a loan to start their small business.
The lender conducted a thorough background check of the borrower's credit history before approving the loan.
The borrower signed a legal agreement with the lender, outlining the terms and conditions of the loan.
The borrower repaid the loan in monthly installments over a period of five years.
The lender imposed penalties on the borrower for late payments.
The borrower sought financial advice from a professional before applying for a mortgage.
The lender evaluated the borrower's income, employment history, and debt-to-income ratio to determine their eligibility for the loan.
The borrower provided collateral, such as their property, as security for the loan.
The lender offered flexible repayment options to the borrower, accommodating their financial situation.
The borrower defaulted on the loan, leading to legal actions and potential asset seizure.