👉 In finance, a borrower refers to an individual who is seeking funds from a lender in exchange for goods or services. The borrower typically has the right to use the money borrowed as they see fit, but it may also have certain restrictions and conditions placed on their repayment of the loan. Borrowers can be categorized based on factors such as age, income level, creditworthiness, and other relevant criteria. In some cases, a borrower may need to provide collateral, such as a property or security
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What is the definition of Borrowers? 🙋
👉 Borrowers are individuals or entities who borrow money from a lender, such as a bank or credit union. These individuals typically have the ability to repay the loan with interest if they make payments on time and continue using the borrowed funds in a responsible manner. In the context of finance and banking, borrowers can be classified based on their financial status, including those who are considered "debtors" because they owe money back to creditors (often known as "debtor"). Other types of borrowers include
