Hi, I'm Georgiana, your English teacher.

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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 $1,000, the interest may be 5% per year. Well, you have to pay $1,000 plus $50, which is 5% of $1,000.

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