Have you ever needed to buy something and didn’t have enough money for it? What did you do? Did you decide not to buy the item, or did you ask your parents to give you some money?
You have another choice. You can borrow money. True, you’ll probably borrow it from your parents (or maybe even a brother or sister). But when you borrow, you also promise to pay it back. That’s very different than asking someone to just give you some money.
Borrowing Terms
Before you borrow any money, learn these words:
Borrow – to get money that you plan to pay it back
Lender – the person who gives you the money to use (or lends you the money)
Loan – the money that you borrow
Payment – money that you give back after you borrow it