Borrow money Meaning and Definition

Borrow money refers to the act of acquiring funds from a lender with the agreement to return the amount borrowed, typically with added interest, within a specific period. This practice is commonly seen in personal, business, and financial transactions where one party requires extra capital or resources beyond their current means. It is essential for borrowers to thoroughly understand the terms and conditions of borrowing, assess their repayment capability, and choose the most suitable borrowing option to borrow money meaning avoid potential debt traps or financial hardships in the future.