Episode 102
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Hi, everybody! I’m Georgiana your online English teacher. My mission is to help you to speak English fluently. Speaking English is way easier when you use the right material and techniques.
In the first part of this episode I'm going to talk about lending and borrowing something and how to get a loan from the bank.
SpeakEnglishPodcast.com/podcast >
And in the second part you’ll practice your spoken English with a question and answer mini-story.
All right, let's get started!
Today I'd like to talk about loans and the related vocabulary. Loans have always been a feature in all countries, societies, and cultures. Person A has some money, and person B needs money. Then person A can lend money to person B.
When we talk about lending, we don't talk about giving. Giving means permanently, without a time limit. For example, if I say "I'll give you the car," it means that the car won’t be mine anymore, it'll be yours.
When someone gives a loan, it's under certain conditions. That is, he agrees to give money under certain conditions. You can say "give a loan," or more formally "grant a loan."
Logically, a bank lends money. You go to a bank office and ask for a loan. Then the bank will consider whether or not to give you the loan. It depends on your salary, your situation, whether you have more loans, etc. If the bank agrees to grant you the loan, you receive the money you ask for. But beware, you have to return the money in the future. And....When do you have to return it? You have to pay it back within the time the bank tells you to. A deadline means a time limited by date. For example. "You have until Friday to return the money."
By the way, you don't just pay back the money you borrow. You give more money back. The extra money is the interest. For example, if you ask for 1000 dollars, the interest may be 5% per year. Well, you have to pay $1,000 plus $50, which is 5% of $1,000.
That's how banks do business. By lending money from others and charging interest for it.
I wanted to make one thing clear before we continue with the lesson. When we leave money or any object to someone for a limited time, we use the word lend.
But when someone leaves us something temporarily, we use the word borrow.
Examples:
“I never lend my books to anyone.”
“I lent John $50.” (I expect that John will return the money.)
“Could I borrow your book for a minute, please?”
“Mary used to borrow money from her parents all the time.”
There's another word in this context: insolvent'. A person who becomes insolvent means that they say they don't have money to pay. Solvency is the ability to pay. Insolvency is the inability to pay.
These are 5 of the largest banks in the U.S. in case you want to apply for a loan:)
1. JP Morgan Chase & Co.
2. Bank of America (BoA)
3. Wells Fargo
4. Citigroup
5. Goldman Sachs Group
Well, as always, don't memorize expressions about loans. Listen to the episode as many times as you need.
Speaking Practice
Mini-Story: Speaking Practice
Answer each question out loud, then listen to the answer and respond quickly. Don’t worry about mistakes.
Speaking practice
Let’s Start!
Henry applies for a $10M loan from MoneyMoney Bank.
Does Henry apply for a loan?
Yes. Henry applies for a $10M loan.
Who's applying for a loan?
The bank?
No, no. The bank doesn't apply for loans. The bank grants loans. Henry applies for a $10M loan.
How much money is Henry asking for?
$10M. He asks for a loan of 10M dollars.
Which bank is Henry requesting the loan from?
At the MoneyMoney Bank. He requests the money in that bank.
How much is the loan?
It's $10M. The loan is $10M.
The bank examines his application and grants him the loan at 10% interest.
Does the bank examine his request?
Yes, the bank examines his request.
Does the bank grant the loan to Henry?
Yes. The bank grants the loan to Henry.
Does the bank grant the loan at 8% interest?
No, no. The bank doesn't grant the loan at 8% interest. It's granted to Henry at 10% interest.
At what interest rate does the bank grant the loan?
At 10%. The bank grants the loan at 10% interest.
What does the bank grant?
A loan. The bank grants a loan.
Does Henry grant a loan to the bank?
No. No. The other way around. Henry doesn't grant a loan to the bank; he receives a loan from the bank.
Henry withdraws all the cash and goes straight to the casino.
Does Henry withdraw the money?
Yes. Henry withdraws all the cash.
What does Henry withdraw?
All the money. Henry withdraws all the money from the bank and goes straight to the casino.
Where's Henry going with the money?
To the casino. Henry goes to the casino.
Where?
To Disneyland?
No. No. He doesn't go to Disneyland with the money. Henry withdraws $10M and goes straight to the casino.
He bets all the money at the roulette wheel on red and wins!
Does he bet only a fraction of the money?
No. He doesn't bet only a fraction of the money. He bets all the money.
Does he gamble all the money from the loan?
Yes. He gambles all the money from the loan at the casino.
Does Henry bet the money on roulette?
Yeah. Henry bets the money on the roulette wheel.
What color does Henry bet on?
Red or black?
To red. He bets all the money on red and wins.
Does he lose?
No. He doesn't lose. He wins. What a lucky guy!!!
Henry returns the entire loan and goes to live on a tropical island.
Does Henry return anything?
Yes. Henry returns the loan.
What's Henry returning?
The loan. Henry returns the loan.
Does he return only one part or of the loan?
No. No. Not only one part of the loan. He returns the whole loan and goes to live on a tropical island.
Is he moving to Paris?
No. He's not moving to Paris; he's moving to a tropical island.
Is he going to live on an island at the North Pole?
No! He won’t live at the North Pole. He’s going to live on a tropical island.
Who’s going to live on a tropical island?
Georgiana?
No. Georgiana’s not going to live on a tropical island. Georgiana has a lot of work and can't go to a tropical island for now. It's Henry who's going to a tropical island.
Thanks for listening, and I’ll see you in the next episode.
Review
Vocabulary from This Episode
Review the most useful words and expressions before listening again.
01 lend
give something temporarily, expecting it to be returned.
05 pay back
return borrowed money.
02 borrow
receive something temporarily and return it later.
06 deadline
the latest time by which something must be done.
03 loan
money that is borrowed and must be repaid.
07 interest
extra money paid for borrowing money.
04 grant a loan
formally approve and provide borrowed money.
08 insolvent
unable to pay the money that you owe.
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