BORROWER Meaning and
Definition
-
A borrower is an individual, organization, or entity that obtains a resource, typically money, from another party with the intention of returning or repaying it within a specified time frame. In financial terms, a borrower is someone who acquires funds from a lender or financial institution, usually with the agreement to pay interest on the borrowed amount.
The term "borrower" is commonly used in the context of loans, mortgages, or credit arrangements. When someone takes out a loan, whether for personal, business, or other purposes, they assume the role of the borrower. The lender, on the other hand, is the party that provides the funds to the borrower, expecting repayment over an agreed-upon period, often including interest payments.
Being a borrower entails certain responsibilities and obligations. It involves adhering to the terms and conditions set forth by the lender, which typically include repayment schedules, interest rates, and any other relevant terms agreed upon. Failure to fulfill these responsibilities can result in financial penalties or legal consequences for the borrower.
The concept of borrowing extends beyond monetary transactions. It can also refer to the act of temporarily obtaining or using someone else's belongings or resources with the understanding that they will be returned. For example, if someone borrows a book from a library, they are considered the borrower and are expected to return the book within a specified time period. In this sense, a borrower is someone who utilizes another party's possessions but intends to give them back.
-
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Top Common Misspellings for BORROWER *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for BORROWER
Etymology of BORROWER
The word "borrower" has its roots in Middle English. It is derived from the Old English word "borgian", which means "to borrow". This Old English term is related to the Old High German word "borgon", meaning "to borrow" or "to pledge". Both of these words can be traced back to the Proto-Germanic word "burgijanan", which carries the same meaning. Ultimately, the Proto-Germanic term derives from the Proto-Indo-European root "*bhergh-", which means "to protect" or "to save". So, the etymology of "borrower" suggests a connection between borrowing and protection, reflecting the idea of taking something temporarily for one's own use while pledging to return or protect it.
Idioms with the word BORROWER
-
Neither a borrower nor a lender be.
The idiom "Neither a borrower nor a lender be" is a line from Shakespeare's play Hamlet. It means that one should avoid both borrowing and lending money, as it can bring complications and strain relationships. It suggests that it is better to be self-sufficient and not rely on others for financial support or accumulate debts.
Similar spelling words for BORROWER
Infographic
Add the infographic to your website:
