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Is taking loans worth it?


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If you're trying to get ahead then no loans aren't worth it from my experience.  I'm guilty of taking a loan,  paying it off only to bust soon after and take another loan never getting ahead it seems.  It's just the cycle of a degen I guess lol.

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Taking and Accepting loans is only to build projects and not to bet.  That would be the only reason I would ask for a loan.  The crypto ecosystem is a roller coaster, to me that represents a big risk, maybe thinking in a loan for hodl bitcoin but conditions would need to be very "soft" in order to pay back the loan.  I would never ask for a loan if I am going to gamble it.  My opinion. 

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Well taking loans it’s not allowed I used to take loans in my past but no more!

I can say that it is worth it if you take loans like 10k-50k not hundreds of dollars or like some people do here and in normal life..

I think if you take loans like 1-5$ which isn’t much money and can be paid again easily and faster it’s ok but for loans 50$+ it’s not worthy.

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if gambling using loan money and the interest of 10% every day may be a bad thing that must be stopped, because if we win that victory 10% of our capital is interest and capital is someone else's, so the most profitable is giving loans because he attracts 10% interest in 1 day that makes us suffocated and very burdened in playing gambling so my advice is better left. I often make loans but I do it to friends and not required to pay 10% interest every day that makes me unencumbered in playing.

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Nope, it's not worth. Like as you said, you will realize when you busted all your loan money. It's better to not gambling than using someone money a.k.a loan to gambling. Most of people that i know busted their loan money on gambling and hard to paying back their loan.

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28 minutes ago, jualid said:

Nope, it's not worth. Like as you said, you will realize when you busted all your loan money. It's better to not gambling than using someone money a.k.a loan to gambling. Most of people that i know busted their loan money on gambling and hard to paying back their loan.

Well, loans here isnt actually the same with real life loans etc. Most people on stake wont return back shit of their loans and stuff. Many people have been scammed here, loans in real life can be dangerous I guess.

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Taking loans is bad for gambling.

Taking loans will always have interest. Due to this, when you take loans and gamble, you'll have to consider gaining the interest first and try to make you balance bigger.

Most of the time, you can reach above the interest, but that's not always the case. Some people loses everything just trying to gain the interest amount and can no longer go on.

It's hard when that happens and I sincerely advise you to avoid taking loans if you want to gamble :) 

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If you are even thinking of taking a loan you need to assess your financial situation, especially for gambling? Sure you may get lucky and win enough to pay off your debt or it could go the other way. Even if you win, the cycle with just repeat itself and you will end up burying yourself deeper into debt. Sounds like you may have a problematic relationship with gambling.

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If you're taking loans for a business or startup, or an idea which has a decent amount of risk but isn't based on completely random numbers, go for it! Loans are one way that businesses can get the funding they need to get themselves off the ground. But if you are taking the loan simply for a personal endeavour like gambling which has zero certainty of paying out, you should not. Gambling with loans is an extremely risky and irresponsible thing to do, especially if you do not have a stable source of income which you can use to reliably pay back the loans. 

Same goes for people who give loans to gamblers, without any form of identification or legal document, I'd just kiss my hard earned money goodbye if I had to loan someone who I very well knew was gonna use it for gambling. Heck, I've even loaned friends who gamble extremely small amounts (~$10) and I am still yet to see that money to this day. Money gets the best of people which is rather unfortunate :(

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  • 10 months later...

If you plan to take loan for gambling do this.

If you take a loan of 1BTC, put that in some services like NEXO or Youhodler and take loan. You will get anywhere between 50-90% of the crypto asset value. If at all something goes wrong with your gambling, which is highly likely to happen. You will still be holding the crypto currency. If the price of crypto shoots up, it will partially or fully pay your debt.

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I would say that taking loans for regular casino gambling is quite dumb and will get you into some financial trouble.

If you take a loan for sports betting (if you know the markets well), like for example you're good at predicting csgo match winners, then its really profitable and a low risk.

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  • 4 weeks later...

There are lenders? Dind't know about that but 10% daily is huge..definitely not worth it

Gamble only what you can afford to lose

Once you gamble your money, its already a lose..its like buying enjoyment

Winning is just a bonus

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On 6/30/2019 at 4:09 AM, Etude said:

If I was to be bluntly honest about this, the answer is no. Taking loans for the purpose of gambling might actually get you deeper into a financial mess if you were already in one in the first place. So take caution when making this decision.

Very well said!

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Posted (edited)

The loans are taken only for buying something necessary, to open your business or to develop it, but for gambling, it isn't worth it because you can lose all the money. I took more than 3 cash loans from https://www.easycashloans.co.za in my life but all of them were taken to buy a house or a car that I should go to work every day or for children's university. All these loans were at the best conditions and when I couldn't pay for it for one month, they didn't put me the penalties and I paid the same amount of money each month. Now I should pay only 4 months and I will be free of loans.

Edited by dalebreton
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If you need  or think about taking up loans to gamble I would suggest quitting gambling as a whole. Spending money you don't have on something you don't have an edge in is the best way of financial ruins

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