👉 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