Borrower – The person or company that receives money from the lender, who then has to repay the money under the terms of the loan agreement. A lender can use a legal credit agreement to enforce the repayment if the borrower does not maintain the end of the agreement. Collateral – A valuable object, such as a home, is used as insurance to protect the lender if the borrower cannot repay the loan. Acceleration – A clause in a loan agreement that protects the lender by requiring the borrower to immediately repay the loan (both the principal and all accrued interest) if certain conditions occur. If a disagreement subsequently arises, a simple agreement serves as evidence for a neutral third party such as a judge who can assist in the application of the treaty. To consolidate I loans, all the debts you have must be consolidated and pay them as a debt with new credit terms. In this example, the borrower is in New York State and asks to borrow $10,000 from the lender. . . .