Borrower

Person or organization obtaining funds from another, called a lender, normally repayable with Interest at a future date. An extension of credit by a financial institution, for example a bank Loan is evidenced by a Promissory Note a legally enforceable agreement to repay. A credit applicant whose ability to meet the obligation is uncertain may be asked to have a second party sign the note as coborrower or Comaker. See also Mortgagor.