| Level: | Topic: | Speakers: | Length: |
| intermediate | payday loans | man – woman | 01:43 |
Pre-Listening Exercise
Is borrowing money for these things a good idea? Why or why not?
- a new car
- a used car
- a vacation
- school tuition
- new clothing
- a wedding
- cosmetic surgery
- a smartphone
- a house
Idioms
“nest egg” = extra money to save for the future
“We need to have a nest egg in case the economy worsens.”
“be broke” = be out of money
“Brandon is broke, so I can’t buy any food this week.”
Listening Exercise
A. Listen to the recording and answer the questions.
The man needs a suitcase to _______.
Okay. Get this. Some friends and I are going to Hawaii next week, and my small bag won’t be big enough for all the souvenirs I plan to bring home. I’m going to get you some peanuts, too.
The man borrowed $500 for ______.
What? How can you afford that? You don’t have a job, you already have an outrageous car payment, and you still owe me $500 for that old car that didn’t last a week.
He got a payday loan because it was _____.
Ah, you don’t know anything. You can get a loan quickly without any hassle.
Interest rates for payday loans can be _______ personal loans from banks.
Exactly, because they know they can run you dry. [ No. ] I mean they might charge you over 300% interest compared to about 12 to 30% interest for a regular credit card.
The man is going to pay back the loan by ______.
Uh, well, I thought I’d sell my mountain bike or my comic book collection or you could give me the money.
Post-Listening Exercise
Listen to the conversation again. What advice can you give the man in this situation? Is he making a good choice? Are there other ways he could pay for his plans instead of taking out a payday loan? Explain.
Online Investigation
Use the Internet to learn more about the advantages and disadvantages of payday loans. Are such companies or services available in your country?
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