6-Feb

Can Short Term Loans Work As Gambling Debt Loans?

Online gambling and casinos use third-party “data harvesters” to actively target people on low incomes and people who have stopped gambling. An article published in the Guardian newspaper last summer revealed “lower income segments” were among the “most successfully targeted”.

This demographic is more likely to bet again to win back what they have lost – therefore, online alternative lending has also seen an increase in customers who are suffering with problem gambling, using short term financial solutions as gambling debt loans.

Using short-term loans to fund a gambling addiction can only end badly, forcing the customer into more debt and to act more desperately, chasing the big win to get all their money back – but this rarely happens.

Safer Gambling

The main thing to think about when gambling is to set yourself limits and stick to them. For some people, this isn’t a problem, but if you find yourself struggling to do this, there are other things you can try.

Following tips are to help budget while you gambling.

  • Consider how much cash you are taking with you. Leave your debit card at home and only take what you are willing to lose.
  • When gambling online set limits on your accounts
  • Try not to have more than one online betting account as it makes it much more difficult to monitor what you are spending.
  • Set a time limit – even if setting an alarm reminds you to quit when you’re winning.

Sometimes, especially with online gambling, it can be surprising how the bets can add up.

 

If you are really in need of quick cash for personal expenses, make an online application with My Cash Online today.



*Disclaimer & Example: For our Small Loans of $2,000 or less, an APR (Annual Percentage Rate) doesn't apply. These loans are fee-based only with a term between 62 and 180 days, and so the APR is 0%. The establishment fee is 20% of the amount borrowed and the monthly fee is 4% of the amount borrowed. Representative example: a loan of $1,000 repaid over 3 months equates to a total amount payable of $1,320 comprised of $1,000 principal (amount borrowed), $200 establishment fee and $120 in monthly fees. The maximum comparison rate on loans between $300 and $2000 is 199.43%.
For our Medium Loans between $2,100 and $5,000, with a term between 2 months and 12 months, the maximum Annual Percentage Rate (APR) is 48% (Comparison rate 65.6597% p.a.) and there is a $400 Establishment Fee. A Medium Loan of $3,000 borrowed over 1 year would equate to a total amount payable of $4,289 (including a $400 establishment fee).

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR %). The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

© 2022 Owned by Australian Synergy Finance Pty Ltd, ABN 54 613 655 646. Australian Credit Licence 490422. The information on this webpage is general information only and does not take into account your objectives, financial situation or needs.