borrower

Definition

A person that has applied, met specific requirements, and received a monetary loan from a lender. The individual initiating the request signs a promissory note agreeing to pay the lien holder back during a specified timeframe for the entire loan amount plus any additional fees. The borrower is legally responsible for repayment of the loan and is subject to any penalties for not repaying the loan back based on the lending terms agreed upon.

Use borrower in a sentence

I am a borrower, since my only option to buy a new car was to finance the cost through a bank.

​ Was this Helpful? YES  NO 2 people found this helpful.

I had to give money to the borrower because he needed it in order to continue on his current venture.

​ Was this Helpful? YES  NO 10 people found this helpful.

John and Mary were the borrowers on the mortgage note. Both needed to be on the note to be approved for that amount.

​ Was this Helpful? YES  NO 9 people found this helpful.

Show more usage examples...

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
usury laws additional collateral