Definition
Obtaining funds from a lender with the agreement to repay the principal amount plus interest.
Example
Sally is planning to borrow $10,000 from her local bank to cover the cost of her college tuition and books.
Obtaining funds from a lender with the agreement to repay the principal amount plus interest.
Sally is planning to borrow $10,000 from her local bank to cover the cost of her college tuition and books.