Borrower

What is a borrower?

Borrower Definition: A borrower refers to a consumer who applies for a loan or credit product for personal or business use. An individual, company, or organization can refer to a borrower, and must fulfill the repayment arrangement, which includes installments until the loan is paid in full.

The loan agreement terms are written or online, so the borrower and lender know the obligations. A borrower may apply with a co-signer or a co-borrower to improve their chances of qualifying for a loan if they do not meet the criteria on their own.

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