Speak English Now Podcast: Learn English | Speak English without grammar. #057 Banking vocabulary in English - Lend or Borrow?
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Sep 20, 2018 The podcast discusses lending and borrowing in banking, including the terms lend, borrow, and insolvency. They also explore the process of applying for a loan and provide a mini-story practice. The story follows Henry who receives a loan, goes to the casino, and wins big, allowing him to pay off his debt and move to a tropical island.
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Loans Are Conditional, Not Gifts
- Loans are not gifts and come with conditions and time limits set by the lender.
- Borrowers must repay principal plus interest within the bank's deadline.
Prepare Financial Info For Loan Applications
- When applying for a bank loan, present your salary and financial situation clearly.
- Expect the bank to consider your income, existing loans, and solvency.
Interest Is The Borrowing Cost
- Interest is the extra money charged for borrowing and is expressed as a rate per period.
- For example, $1,000 at 5% per year costs an extra $50 annually.