How to Obtain Credit
Facts About Gambling Credit
Money is a very expensive commodity these days; if you disagree, just go out and try to borrow some. Money on loan or credit commands high interest. If you don't pay the balance on your credit card within the designated monthly period, you'll find yourself paying one and one-half percent interest per month, or eighteen percent a year.
That's a big bite. If you go for a new mortgage on your home, the interest you'll be paying will be at least 10 percent and in some states, much more; in addition, you'll find that there are added charges, such as lawyer's fees, origination fees, appraisal fees, and so forth that will in reality drive that figure even higher.
There's no doubt about it. Money is not only expensive but difficult to obtain. Banks want collateral for their loans, private lenders want exorbitant interest, and both are reluctant to give money for abstract reasons. They want definite proof about where that money is going.
In many ways, as we have pointed out, the casino is like a bank, and the credit it extends is like a bank's credit. A must show that he or she is qualified for that loan; how, unlike a bank, the only purpose for which that cash is on credit by a casino is for gambling purposes.
If you go to your friendly neighborhood bank and ask cash to gamble with, you'll be quickly shown the door. N the banks nor private lenders want any of that business. know that a gambler can lose it all in one shot and that going to have a lot of trouble collecting on a loan that nothing in the form of potential collateral.
That's not the only reason no one but a casino will credit for gambling purposes. (We exclude from this discussion shylocks who are part of the underworld.) A g debt is no collectible in any court in any state in the United States . Even a debt whose basis was gambling, though the debt was not in fact actually given for gambling, may not be collectible. And this applies not only in states such as New York or Texas or California ; the highest court in Nevada has ruled that a gambling debt cannot be collected in that state.