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Borrowing money for Vegas

Discussion in 'Misc. Vegas Chat' started by stormy, May 13, 2014.

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  1. stormy

    stormy Tourist

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    Would you ever borrow money to be able to go to Vegas? I have enough money saved for airfare, hotel, and car rental and about 25% of what I need for gambling. Our credit is bad and I applied for a personal loan of $1000 for one year at 35% interest and was approved. Meanwhile my wife wants to go on a 4 day casino trip at a resort 100 miles from my house with her girlfriend a week before I plan to go to Vegas. So I had the bright idea to tell my wife why doesn't she borrow $1000 for her trip too. She agreed but the loan company that approved my loan would not approve $2000. So I looked at another loan company and got approval for $2000 at 35% for a 3 yr loan.I signed for it and received a check of 2 grand then I looked at the terms of the loan and realized if we made minimum payments through the 3 year loan we would be paying almost 5 grand with the interest on this loan. Now I'm having second thoughts of going to Vegas. If we can pay this loan off in one year we would only be paying $350 interest with no penalty . If we both break even then no problem but if we both lose a grand apiece we are stuck paying this off in 3 years. Do you ever make bad financial decisions to be able to go to Vegas?
     
  2. smartone

    smartone VIP Whale

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    Yikes! No, I've never done anything of the sort, but in my younger days would wake-up on occasion in Vegas to find several ATM slips for credit-card advances in my wallet and no cash. Glad those days are over...
     
  3. Readingfanman

    Readingfanman Low-Roller

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    I'd not borrow money to go. I don't have the cash to go and drop $10K or anything in Vegas, I know my what my limits are, and I'll save and sacrifice other stuff (I usually gamble around $50 a week on Sports at home, currently I've stopped entirely to put to Vegas) until I can actually afford it.

    Borrowing money to go to Vegas is going to only hurt your enjoyment, as if if you lose, you are worried about how you pay it back, if you win, your enjoyment is soured as it's not your winnings.
     
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  4. bdautch

    bdautch High-Roller

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    Travel, to Vegas or otherwise, is always a luxury. How about settling your affairs, waiting until there's a financial surplus, and THEN indulging?
     
  5. undathesea

    undathesea Grandissimo

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    This has to be joke. If it isn't, don't do it.
     
  6. Wolfman619

    Wolfman619 Low-Roller

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    If you are acutally making the choice of going into debt to go on a vacation, at least make it count. Go somewhere crazy that nobody ever goes. . . . not Vegas. . . you've been to 10 times before.
     
  7. Bazzito52

    Bazzito52 Low-Roller

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    Why borrow from a loan company?

    Why not just borrow the $2,000.00 from someone you don't want to ever talk to again?


    Two birds. One stone. :thumbsup:
     
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  8. jbball50

    jbball50 Tourist

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    This is the type of person I laugh at when they're on the Dave Ramsay show. If this is for real don't do it. Why the heck would you even take a loan out at 35% interest???
     
  9. Wolfman619

    Wolfman619 Low-Roller

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  10. NickyDim

    NickyDim VIP Whale

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    35%?!?!?!?!? For gambling? You have to be kidding. I don't think you could make a worse finanical decision. Do you plan on paying this back or ending up face down in a ditch? Or are you just maxing everything out, borrowing as much as you can and then filing for bankruptcy?
     
  11. Breeze147

    Breeze147 Button Man

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    Yo, Paulie will talk loan with ya.
     
  12. Kickin

    Kickin Flea

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    As mindbogglingly ridiculous the 35% is I would bet dollars to doughnuts its effectively much worse than he thinks if he reads the terms. These kinds of lenders charge interest monthly (35%/12 = 2.916%) and will require some minimum monthly payment above that to amortize the loan. But whatever interest he doesn't pay gets compounded, so in 12 months he'll be at (1.02916^12)-1 = 41.19% interest, after 24 months its 99.34%, after 36 months its 181%. This is just one of the many reasons a decision like this leads to bankruptcy.

    But to the OP, before even thinking about taking out this ridiculous loan you made a poor decision by thinking you can afford a trip to Vegas (minus the gambling bankroll) when it would wipe out all of your savings.
     
  13. Sonya

    Sonya Queen of VMB

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    No. Do I make bad financial decisions IN Vegas? All the time. :haha:

    It sucks to have to cancel a trip because funds aren't there. I've done it too many times myself. But it's always the best decision in the long run.

    Vegas will be there when you have the cash.

    Can you save some money somewhere? Daily fancy coffee? Daily lunch out at work? Just cut back a couple times a week on those and put the money into an envelope or jar. It adds up really fast.
     
  14. Ulose

    Ulose Tourist

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    You have everything covered except part of your gambling funds, just put the trip off and save some more. That is a terrible loan and having to pay it off will just postpone your next trip.
    I save for my trips year round. $20 a week goes into the safe. All of my pocket change goes into a jug. (which ends up being approx $300 a year) when trip time comes very little has to be taken out of the bank.
     
  15. sybgal

    sybgal VIP Whale

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    I truly have a difficult time believing anyone would borrow money for a vacation with bad credit costing them that kind of total repayment....150-250% with minimum monthly payments?? Anyone who felt they had to borrow this money could be tempted to min-pay monthly. This just blows my mind! (Unless this person is just having fun at our expense...lol ) Our motto - If we can't pay cash for the trip (along with our gambling funds)....we would not go....that simple!
     
  16. ken2v

    ken2v This Space For Rent

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    This just seems so far outside the ballpark that it has to be a prank, no?

    At the risk of speaking my mind when the OP has asked each of us to do just that: Can you seriously not see the folly in this? Obviously the answer is don't do this and get that loan paid off immediately or as soon as the terms allow, and during that time bank some savings to offset that ridiculous interest to which you agreed.

    Good luck, man.
     
  17. thecarve

    thecarve Misanthrope

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    Normally I wear protection. But then I thought, "when am I going to get back to Haiti?"
     
  18. ButterflyMtn

    ButterflyMtn High-Roller

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    Do.not.do.this


    Save your money and then go...you do this now you will keep doing it and make a bad situation worse
     
  19. BayouBengal

    BayouBengal VIP Whale

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    This reads like the Gamblers Anonymous pamphlet. I'm pretty sure this is one of the signs of problem gambling. Never play with sacred money. Gambling and vacations are to be a luxury. Also I feel like it'd take all the fun out gaming since you'd be sweating every loss. Yeah losing $1000 sucks but it would really sting if that $1000 was borrowed.
     
  20. wellmel

    wellmel Low-Roller

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    Yeah no, I would never borrow for Vegas. Or anything, besides the big expenses everyone borrows for, like school and a car. Debt scares me. You're really digging yourself in a hole.
     
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