Borrower

In finance, the term borrower denotes a person or another entity which borrows money from a lender or obtains goods and services from another entity on credit. Typically (but not in every case) borrowers pay interest for loans. Interest is a fee which a lender charges in exchange for their service of providing the loan.

When a person gets a personal loan from a bank or other lender, that person is the borrower. When a person uses a credit card to pay for a purchase, they are borrowing money from a credit card issuer, and are therefore a borrower. A company or government which issues a bond is a borrower because it is borrowing money from investors who buy its bond. A mortgagor is a borrower because they borrow money from a lender (a mortgagee) using their property as collateral.

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Editor Daniel Dreier
Daniel Dreier is editor and personal finance expert at moneyland.ch.

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