Borrower

A borrower is an individual or entity that takes money or assets from another party, usually a lender or financial institution, with the agreement to return it later, often with interest. Borrowers may seek loans for various purposes, such as buying a home, starting a business, or funding education. The terms of borrowing, including repayment schedules and interest rates, are typically outlined in a formal agreement. Borrowers are expected to repay the borrowed amount as agreed; failure to do so can result in penalties, impacts on credit scores, or legal consequences.