Loans For Gamblers. Is It Risky To Apply For Gambling Loans?
Yes, obtaining such financing can be quite risky, as you can get into a debt hole from which it will be quite difficult to get out from gambling problem.
Most likely you know that a gambling addiction is one of the hardest addictions in the world, as it completely takes over the player's mind. This is how people sell their belongings, jewelry, and also lose houses, cars and apartments. So what do you do if you see your debt growing? If you want to get rid of it?
In this case, many gamers consider Gambling Loans as a solution to this problem. However, can this really help or will it lead to even more debt that will be impossible to handle? In this article, we will answer all these questions.
So what is Gambling?
At the moment, gambling is entertainment for many people who lack life experiences. However, unfortunately, starting to get involved in this, many people do not even suspect what kind of addiction it can cause. Most often, players start with small bets, win and consider themselves lucky. After the stakes increase, they notice that they are starting to lose, and in the hope of winning back, they increase the amount of their debt. That is why the players need an additional source of funding in order to cover the costs debt.
What Do Gamblers Do When They Face Debt?
Any addiction is a kind of disease. People who are addicted to gambling constantly have a strong desire to place a bet and win back. However, what do they do when there is no money, when they are already in debt?
First of all, they spend all the money in the bank account, after which they spend emergency savings. When money runs out again, people start selling valuable things such as art, jewelry, appliances, and more. All this is necessary for them to make a new bet in the hope of winning back.
The next step in getting money is loans. Very often gamblers apply for Payday Loans in order to finance their addiction. So what is a payday loan?
Payday Loan Basic Information
A Payday Loan is a simple, secure type of financing that helps borrowers get money quickly to meet emergency needs. The loan is short-term so the loan amount must be repaid on the borrower's next payday (often within 14-21 days). It is also important to note that the Payday Loans is only for short-term emergency needs so the borrower will be able to get anywhere from $100 to $1000 for any need.
This loan is quite popular because you don't have to meet a lot of eligibility criteria to receive financing. Moreover, the money can be spent on any need, which is why gamblers love this type of funding.
Read more: Emergency cash for unemployed
To qualify for a short-term cash advance online you need to meet the basic eligibility criteria:
- US residence
- Minimum regular income of $1,000 per month
- Valid checking or savings account with direct deposit
- Phone number and e-mail address (if applying online, you must be able to be contacted via phone if verification of application information is necessary)
- Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps, or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
- If applying Online, you must provide a valid Social Security Number
- If applying at Loan Store, you must bring a valid government-issued photo ID. A Social Security Number might not be required.
- If applying in-store, you must bring proof of income and proof of a bank checking account. Debit cards or pre-printed checks may be accepted in your state as proof of bank checking account; contact your local store for details.
- Acceptable documents may vary by state.
Should You Take a Payday Loan to Cover the Gambling Loan?
This question is difficult to answer unequivocally. Of course, a Payday Loan can be a useful way to get funding in case of emergency, but in the case of gambling addiction, not everything is so simple.
As you know, the Payday Loan has quite high interest rates, which can be quite difficult to repay. That is why it is recommended to apply only if you are sure that you will be able to pay the debt with interest on time. For example, if you are determined to quit addiction and need money to pay off your last debts, then a Payday Loan can be your salvation. However, if you need money to make another bet in the hope of winning back, you risk falling into a debt hole from which it will be impossible to get out.
What Options Do I Have If I Want To Get Rid Of Gambling Debts?
Surely you understand that if you have a gambling addiction, then you will not be able to get a loan from a bank or credit union, since most often there you will need to indicate the reason why you need money. No bank will provide money for gamblers. However, if you need funding, there are still a few options you can consider:
- Payday Loans. As already mentioned, with this loan you can get from $100 to $1000 for short-term needs. However, it is important to understand that interest rates can be extremely high and you will most likely have to pay between $15 and $30 for every $100 you borrow.
- Title Loans. If you have a car title in your name, then you can also apply for a Title Loan. This loan is secured, which means your car will serve as collateral for the loan. Thus, you can get up to 50% of the value of your vehicle. However, you should understand that if you fail to repay the debt on time, the lender may be able to take your vehicle to consolidate the debt on the Loan.
- Personal Loan. Personal Loans are most often unsecured, so no collateral is required to approve the application. Most often, a borrower can receive from $1,000 loan to $100,000 for personal needs. However, some lenders will also ask you to explain why you need the money. They want to get additional guarantees of debt repayment, so they will not provide funding for gamblers.
Conclusion of Gambling Loans
If you are faced with a gambling addiction and debt problems, then first of all you yourself must admit that you have an addiction and try to stop gambling debt raise, because otherwise no loan will help you solve your problems, but will only drag you into a debt hole. A loan is a good option to cover your debt only if you decide to quit gambling. If you just need money to win back, then you can create even more problems for yourself, since such loans are most often issued at half a high percentage. Weigh the pros and cons before making the right decision to get out of debt with loans.