Hi, I'm Georgiana, your English teacher.
Thanks for joining me for a new episode of the Speak English Now podcast.
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Before we start, visit my website, speakenglishpodcast.com and subscribe to my free mini course.
Okay, let's start.
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.
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, the interest may be 5 per year plus 50, which is 5 of 1000.
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.
The person who becomes insolvent means that they don't have money to pay.
Solvency is the ability to pay.
Insolvency is the inability to pay.
These are five of the largest banks in the US in case you want to apply for a loan.
JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs Group.
Well, as always, don't memorize expressions about loans.
Listen to the episode as many times as you need.
Great!
Now you can practice with a mini-story.
You'll be able to go over the vocabulary we saw in the first section.
A mini-story is very simple.
I give you information using phrases and then I ask you questions.
I recommend that you listen several times until it's easy to answer.
Just relax and enjoy.
Let's start.
Henry applies for a $10 million loan from Money Money Bank.
Does Henry apply for a loan?
Yes.
Henry applies for a $10 million 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 $10 million loan.
How much money is Henry asking for?
Ten million dollar loan.
He asks for a loan of ten million dollars.
Which bank is Henry requesting the money from?
At the money money bank he requests for the money in that bank.
How much is the loan?
It's ten million dollars.
The loan is ten million dollars.
The bank examines his application.
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?
Disneyland?
No, no, he doesn't go to Disneyland with the money.
Henry withdraws 10 million dollars 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 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 gonna 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 gonna live on a tropical island?
Georgiana?
No, Georgiana's not gonna 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.
Perfect!
This is the end of this mini-story.
Remember to repeat it many times so you can consolidate the patterns of the English language.
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I repeat, pronunciationcourse.com.
