In England personal loans were introduced in 1958 by the Midland Bank and are sold by all retail banks. There is a minimum amount for the loan, usually 500 Pounds Sterling, although at present Barclays still has 300 Pounds Sterling as its minimum personal loan. Borrowers wanting less are referred to the bank’s credit card operation where most cardholders have limits of at least 500 Pounds Sterling.
The maximum amount of a personal loan is, by conversion, 10,000 Pounds Sterling at present.
Personal loans can be granted for a wide range of purposes, such as a car double glazing, a new kitchen, a small boat and even a holiday.
There are a number of important features of personal loans. They are:
1. No security is taken.
2. The loans are granted at a fixed rate of interest, which is calculated on the original amount of the loan.
3. They require equal monthly repayments which help the family budget.
4. They mean free life assurance. If the borrower dies the loan is cancelled. Thus they are not usually granted to people over 65 years old.
Besides banks grant other types of loans to personal customers, such as:
1. Term loans, which can be used to buy an item, for example a boat. They require a certain security, e. g., a life policy or stocks and shares.
2. Home improvement loans, which would be for construction work, such as a two - story extension. And a certain security is required too.
3. Home loans or mortgages, which enable owners to buy the house in which they live.
4. Educational loans, to pay the fees for private education of the customers’ children each term.
VOCABULARY
to introduce | вводить |
retail retail bank | розница банк, обслуживающий частных лиц |
to borrow borrower | занимать заемщик |
convention | договор, соглашение |
to grant | редоставлять |
security | гарантия, залог, обеспечение |
assurance life assurance | страхование страхование жизни |
policy | полис |
stock | акция, облигация, ценные бумаги, амер. фонды |
share | акция; доля |
improvement | улучшение |
fee | взнос, сбор |
SUGGESTED ACTIVITIES
Drill 1. Read the text and answer the questions:
1. When were personal loans introduced in England?
2. Who sells or grants personal loans now?
3. What is the minimum amount for a personal loan?
4. Can a customer have a smaller personal loan sometimes?
5. What is the maximum amount for a personal loan?
6. For what purposes do people sometimes need personal loans?
Drill 2. Open the brackets, using the Present Indefinite Tense, and translate the text into Russian:
1. No security (to take).
2. The loan (to grant) at a fixed rate of interest, which (to calculate) on the original amount of the loan.
3. They (to require) equal monthly repayments which (to help) the family budget.
4. They (to mean) free life assurance. If the borrower (to die), the loan (to cancel). Thus they (not to grant) to people over 65 years old.
5. Term loans, which can be used (to buy) an item, for example a boat. They (to require) a certain security, e. g., a life policy or stocks and shares.
6. Home improvement loans, which (to be) for construction work, such as a two - story extension. And a certain security (to required) too.
7. Home loans or mortgages, which enable owners (to buy) the house in which they (to live).
8. Educational loans, (to pay) the fees for private education of the customers’ children each term.
Drill 3. Give Russian equivalents:
To sell (grant, provide, offer) a loan –
To borrow (have, get) a loan –
Not to take a security –
To require a security –
At a fixed rate of interest –
Equal monthly installments –
Free life assurance –
Term loans –
To require a security –
Home improvement loans –
Home loans or mortgages –
Educational loans –
Drill plete the sentences:
In England personal loans … in 1958 by … and are sold by … . There is a minimum amount for the loan, usually … , although at present Barclays still has … as its minimum personal loan. Borrowers wanting less are referred to … where most cardholders have limits of at least … .
The maximum amount of a personal loan is, by conversion, … at present.
Personal loans can be … , such as a car double glazing, a new kitchen, a small boat and even a holiday.
There are a number of … of personal loans. They are:
1. No security is taken.
2. The loans are granted at a fixed rate of interest, which is calculated ….
3. They require … which help … .
4. They mean free life assurance. If the borrower dies the loan... . Thus they are not usually granted to people … . Besides banks grant other … to personal customers, such as:
5. Term loans, which can be used … . They require … .
6. Home improvement loans, which would be … . And a certain security … too.
7. Home loans or mortgages, which enable owners … .
8. Educational loans, … .
Drill 5. Match the following phrases with the correct responses:
Terms loans | can be used for construction work. |
Home improvement loans | can be used for paying the fees for private education of the customers’ children. |
Home loans or mortgages | can be used to buy an item. |
Educational loans | can be used for buying the house in which they live. |
Drill 6. Give the questions for the following:
… ? In England personal loans were introduced in 1958 by the Midland Bank.
… ? They are sold by all retail banks.
… ? The minimum amount for the loan, usually 500 Pounds Sterling.
… ? At present Barclays still has 300 Pounds Sterling as its minimum personal loan.
… ? Borrowers wanting less are referred to the bank’s credit card operation.
… ? The most cardholders have limits of at least 500 Pounds Sterling there.
… ? The maximum amount of a personal loan is, by conversion, 10,000 Pounds Sterling at present.
… ? Personal loans can be granted for a wide range of purposes, such as a car double glazing, a new
kitchen, a small boat and even a holiday.
… ? There are a number of important features of personal loans.
… ? No, it isn’t. The security isn’t taken.
… ? The loans are granted at a fixed rate of interest.
… ? The interest is calculated on the original amount of the loan.
… ? They require equal monthly repayments.
… ? This fact helps the family budget.
… ? They are not usually granted to people over 65 years old.
… ? Term loans require a certain security, e. g., a life policy or stocks and shares.
… ? Home improvement loans require a certain security too.
… ? Home loans or mortgages can be used for buying the house in which they live.
… ? Educational loans can be used for paying the fees for private education of the customers’ children
each term.
Drill 7. Say what you know about personal loans granted to bank’s customers in our country.
Drill 8. Imagine that you are a bank's customer and you'd like to find out some details about personal loans granting
BUSINESS LOANS
Business loans are available from major banks and their subsidiaries. They include the following types of loans and many more:
1. Business overdrafts to provide working capital.
2. Small business loans from 1,000 Pounds Sterling for 1-5 years at a fixed rate of interest.
3. Business loans for over 15,000 Pounds Sterling and up to 30 years. These loans provide finance to buy assets.
4. Business mortgages providing finance of up to 90% of the value of premises for their refurbishment.
5. Premium interest accounts for deposits at 14 days’ notice, or on payment of a small charge, on demand.
6. Business call accounts with slightly lower rates of interest.
7. Fixed term deposits from 7 days to one year. The term depends on the amount borrowed. The interest rates are also fixed.
8. Factoring, available from the bank’s factoring subsidiary, e. g., Midland Bank’s Griffin Factors. The factoring subsidiary buys the book debts of the firm – in other words the sales ledgers. It pays up to 80% of the face value of sales invoices within two or three days after they are issued. The factoring subsidiary or factor ensures that the invoices are eventually paid, then pays the balance to the customer. Factoring began in the USA textile trade and is particularly suitable for consumer goods. It is available for export as well as home markets.
9. Leasing, available from the bank’s finance house subsidiaries and from the bank’s specialist leasing subsidiaries, such as Lloyd’s Leasing Limited. Leasing is available for items of capital equipment, ships, oil rigs, etc. At the end of the lease, ownership passes to the customer who has been responsible for the maintenance of the item leased, throughout.
10. Franchising which allows to establish a business without special investment and resources normally required. Franchising means granting a license by one person (the franchiser) to another (the franchisee). It entitles the franchisee to trade under the trademark or trade name of the franchiser. The bank’s specialists assist with evaluation and give guidance on financial structuring.
VOCABULARY
subsidiary | дочерняя компания |
assets | активы, фонды, средства |
premises | помещение, здание |
refurbishment | обновление |
premium | премия |
demand on demand | требование по первому требованию |
call account | счет до востребования |
factoring | факторинг ( 1. приобретение требований к должнику и взыскание долга 2. предоплата требований, счетов к получению) |
debt | долг |
ledger | главная бухгалтерская книга |
invoice | счет |
factor | агент, комиссионер |
leasing | |
equipment capital equipment | оборудование капитальное оборудование |
rig | буровая установка |
owner ownership | собственник, владелец |
maintenance | содержание, уход |
franchising franchiser franchisee | франшиза; льгота; привилегия лицо (фирма), выдающая право создания предприятия лицо (фирма), получающая право создания предприятия |
to entitle | давать право, уполномочивать |
trademark | торговый знак |
trade name | название фирмы |
evaluation | оценка |
guidance | руководство |
to structure | делать расчеты |
SUGGESTED ACTIVITIES
1. Read the text and give Russian equivalents :
* Major banks –
* Business overdraft –
* To provide working capital –
* Small business loans –
* Business loans –
* To provide finance –
* To buy assets –
* Business mortgages –
* Premises –
* Refurbishment –
* Premium interest accounts –
* Deposits at 14 days’ notice –
* Payment of a small charge, on demand –
* Business call accounts –
* Granting a license by one person (the franchiser) to another (the franchisee) –
* To trade under the trademark or trade name of the franchiser -
* Fixed term deposit –
2. Complete as in the text :
Business loans are available from … . They include the following types of loans and many more:
1. Business overdrafts to provide … .
2. Small business loans from 1,000 Pounds Sterling for 1-5 years at … .
3. Business loans for over 15,000 Pounds Sterling and up to 30 years. These loans provide finance to … .
4. Business mortgages providing finance of up to 90% of the value of premises for … .
5. Premium interest accounts for deposits at 14 days’ notice, or on payment of a small charge, on demand.
6. Business call accounts with … .
7. Fixed term deposits from 7 days to one year. The term depends on … The interest rates are also … .
8. Factoring, available from the bank’s factoring subsidiary, e. g., Midland Bank’s Griffin Factors. The factoring subsidiary … – in other words the sales ledgers. It pays up to 80% of the face value of sales invoices within two or three days after they are issued. The factoring subsidiary or factor ensures that the invoices are … , then pays … to the customer. Factoring began in the USA textile trade and is particularly suitable for … . It is available for … .
9. Leasing, available from the bank’s finance house subsidiaries and from the bank’s specialist leasing subsidiaries, such as Lloyd’s Leasing Limited. Leasing is available for … . At the end of the lease, ownership passes to the customer who has been responsible for the maintenance of the item leased, throughout.
10. Franchising which allows to establish a business without special investment and resources normally required. Franchising means … . It entitles the franchisee … . The bank’s specialists assist with evaluation and give guidance on financial structuring.
3. Name the type of a business loan:
· A business loan to provide working capital is … ;
· A business loan to provide finance of up to 90% of the value of premises for their refurbishment is … ;
· A business loan from 7 days to one year, the term on which depends on the amount borrowed is … ;
· A business loan which allows to establish a business without special investment and resources normally required is … ;
· A loan for 1-5 years at a fixed rate of interest is … ;
· A loan which provides finance to buy assets is … ;
· A loan with slightly lower rates of interest is … ;
· The case in which the … subsidiary buys the book debts of the firm is … .
4. Sum up what the text said about each type of business loans.
5. Imagine that you have come to the bank to clarify some details about business loans granting.
PRACTISE
Скажите, что :
Ссуды были введены в 1958 году; | |
Cсуды выдаются всеми банками, обслуживающими частных лиц; | |
Минимальная сумма ссуды составляет 500 фунтов стер - лингов; | |
Максимальная сумма ссуды для физического лица со-ставляет, по договоренности с банком, 10,000 фунтов стерлингов; | |
Ссуды могут быть предоставлены для разных целей; | |
Не требуется гарантий; | |
Проценты начисляются на первоначальную сумму ссу-ды; | |
Наличие ссуды требует ежемесячных выплат равными долями, что удобно для бюджета семьи; | |
Cрочные ссуды могут быть использованы для крупной покупки. | |
Они требуют определенных гарантий, т. е. страхового полиса, облигаций или акций; | |
Ccуды на улучшение жилья также требуют определен-ных гарантий; | |
Ипотека может быть использована для покупки дома; | |
Ссуды на образование могут быть использованы для оплаты взносов за обучение детей клиентов банков; | |
Cсуды для юридических лиц предоставляются крупны-ми банками и их дочерними компаниями; | |
Существуют несколько видов ссуд для юридических лиц: овердрафты, ипотеки, счета с премиальными про-центами и др.. |
A MORTGAGE
Drill 1. Read the dialogue and translate it:
Peter MacDonald works with the World Health Organization in Geneva. He started the job two months ago, and is at present looking for a suitable permanent place to live for himself and his family. His wife and children are still in Paris. His present contract at the WHO is for a minimum of three years, but he has been assured that it will be renewed at least twice. He has now found a house which seems ideal. It costs £60,000. Peter has about £12,000, and his problem is to find the rest. He visits George Hudson at the bank to discuss the possibility of getting a mortgage.
MacDonald Mr Hudson?
Hudson Yes. Good e in.
MacDonald Good morning
Hudson Have a seat, please.
MacDonald Thank you.
Hudson What can I do for you, Mr MacDonald?
MacDonald I’ve been here for two months now. I work with the World Health Organization. Up till now, I’ve been living in a small apartment that belongs to a friend, and I’ve been looking round to find somewhere permanent to live. My family’s still in Paris, by the way... my wife end children.
I‘ve recently found a house about twenty minutes from my office, which seems ideal…. The price is £60,000. I’ve got some £12000, and my problem is to find the rest.
The reason I’m here, is to find out to what extent you are in a position to help me.
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