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1.
A person with a loan (or mortgage), who hasn't been able to pay the instalments on time. In such case the bank may or may not change the conditions of the repayment to slightly more favourable ones. Because the borrower might not be able to pay back the loan, the loan contract is half dead. Like a zombie.
Bank employee 1: I don't get you, is this a risky loan, or is the guy paying the instalments on time?
Bank employee 2: He has barely paid any instalment on time, he is a proper zombie borrower.
by Grivio June 29, 2011