Meaning of the word borrowers in English

What does borrowers mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

borrowers

US /ˈbɑːr.oʊ.ərz/
UK /ˈbɒr.əʊ.ərz/

Plural Noun

people or organizations that take money from a bank or other financial institution with the intention of repaying it, usually with interest

Example:
The bank is offering new loan products to attract more borrowers.
Many first-time borrowers struggle to understand the terms and conditions of their loans.