What "borrower" means in finance

A borrower is a person, organization, or entity that receives funds from a lender with the promise to repay the loan amount and interest over a specified period. Borrowers may use the funds for various purposes such as buying a house, financing a business, or investing in a project. They are typically required to provide collateral, such as property or assets, to secure the loan and mitigate the lender's risk. Borrowers can be individuals, corporations, governments, or any other legal entity that requires financial assistance.