This is an easy one that creates much confusion. Try this: LL, BB. 

LL: If you Lend you Lose.

BB: If you Borrow you Benefit.  :)

Are these examples correct? What is the difference?

Eg. 1. a) Could you lend me 5 dollars? OR b)  Could you borrow me 5 dollars?

2. a) Can you lend me your corrector pen? OR b)  Can you borrow me your corrector pen?

Hi Soffy,

When you ask me for five dollars, you are "borrowing" from me. When I take five dollars from my wallet and hand it over to you, I am "lending" you some money. 

When we use either of the two words, we expect the "borrower" to return the cash to the "lender" after some time. 

Therefore, for eg 1, option (a) is right. The person who is trying to borrow five dollars wrote the sentence to ask a favour from the borrower. For eg 2, option (a) is right. 

The borrower can also write: 

Eg 1: I would like to borrow five dollars.

Eg 2: Can I borrow a corrector pen? 

Hope this helps.

Cheers, 
Lance

1A and 2A are fine.  lend is used instead of borrow in this sentence.

for 1B and 2B you could say:

1B) Can I borrow 5 dollars?

2B) Can I borrow your corrector pen

you use you+lend or i+borrow as simple as that.

for example:

could you lend five dollars?

can i borrow five dollars?.

could you lend me your collector pen?

can i borrow your collector pen?

if you give you lend, if you receive you borrow this should be the perception.