16-Feb

Loans for Gamblers

Gambling is a big issue all over the world, but especially in Australia. A shocking one-third of Australians are in debt because of gambling, and that’s a lot.

So, most gamblers, if not all, find themselves resorting to borrowing very often, but what kind of options are right for gamblers? Continue reading to find out.

Types of Loans for Gamblers

Here are the best options for borrowers that want a way out of a gambling debt.

1. Guarantor Loans

A guarantor urgent loan is the type in which you involve a person, typically a friend or family member, to pay off the entire loan in case you fail to do so. This type of loan is ideal for borrowers with bad credit, low incomes, or gambling problems.

Pros of Guarantor Loans:

Low Interest Rates

If you’re a gambler, few lenders could trust that you’d be able to handle the loan no credit check on your own. By including a financially capable person, you’re giving lenders a reason to have more confidence in you to repay Australia loans.

Large Amounts

More security for the lender means the ability to borrow more money for you. So, since the lender feels that they’ll get their money back, they can give you more room in terms of how much you can borrow, which will help you pay your gambling debt faster.

Fresh New Start

A lot of gamblers have bad credit, which will affect their financial future more than they even know. The way to improve your credit score is to pay what you owe. So, if the guarantor loan is paid on time, your credit score will become higher, and you’ll get a fresh new start financially.

Cons of Guarantor Loans:

Could Damage a Relationship

Involving a friend or family member in your loan makes you feel safe. That being said, if things go wrong, these relationships could sour very quickly. So, make sure that you’ll be able to repay your guarantor at the terms and conditions that you agree upon.

2. Secured Loans

Secured loans are those where you sign over personal property, vehicle, or other kinds of assets as collateral to the lender. This kind of loan is common among borrowers with bad credit or low income and gamblers.

Pros of Secured Loans:

Low Interest Rates

Since the lenders have secured themselves with the asset that you’ve put up, they no longer feel that they have to charge you a lot. That’s why the interest rates of secured loans are lower. Low interest is a good thing for a gambler because there’s less money to worry about.

Large Amounts

Again, signing an asset to the lender makes them be more trusting that they’ll get their money back, so they’re more likely not to restrict you too much in terms of how much you borrow.

Cons of Secured Loans:

Could Lose the Collateral

As with any centerlink bond loan, if you don’t repay on time, you’ll pay extra costs. However, in the case of secured hardship loans for unemployed, gamblers will find themselves losing their home, car, or whatever they used as collateral for the loan to happen.

Final Thoughts

Gambling is a serious problem that has the ability to turn your life upside down and drown you in debt. Therefore, it’s perfectly okay to seek help.

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.