My dictionaries have a few example sentences that contain the verb borrow in the progressive aspect:
By then, she was borrowing more money just to service her debts.
Today Continental European languages are borrowing words from American English.
It seems to me that both of these mean "the action of borrowing is being done".
Can I use "I'm borrowing five books from the library" to mean that "I currently have five books from the library (and I have to return it before the due date)"? If not, what phrase is appropriate?