Are gamblers abusing online payday loans?

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Sporting Chance Clinic is a high profile rehabilitation clinic that treats gambling addicts. Here, you’ll come across former gamblers who confess to borrowing numerous payday loans to fund raving betting addictions. For instance, the former prolific Stoke City defender Mathew Etherington admits to borrowing costly loans in order to gamble.

The ease of accessing quick cash has a double-edged sword effect on today’s society. However, gambling addicts end up on the wrong side of the blade.

Confessions from gambling addicts who abused payday loans

  1. Ryan Myers

Ryan Myers, from U.K, committed suicide in 2014 due to pressure from his gambling addictions. A few weeks before his demise, Ryan applied for a £ 1,000 payday loan to gamble. This came as a shock to both his parents because Ryan earned a decent salary working as a carpenter for a prominent UK-based real estate company.

A look into Ryan's Facebook posts displays a man who was sick and tired of his gambling addiction. He even reached out for help from reformed gambling addicts but the free cash deposits offered by online casinos lured him back to reckless betting. He committed suicide shortly after losing £500.

  1. Paul Jones

Paul Jones’ story partially landed Ladbrokes online casino into hot water. The recovering gambling addict admits that he borrowed online payday loans in the presence of Ladbroke employees. According to Paul, the employees even swiped his debit card to check whether the creditor deposited the payday loan into his bank account. He blames the fixed odds betting system, which allows players to stake a maximum of £100 after every 20 seconds.

Paul clearly remembers how he lost an entire £200 payday loan in just fifteen minutes!

He quickly applied for another payday loan but victory evaded him again. In addition to borrowing payday loans from online-based creditors, Paul also approached payday loan stores in areas packed with fixed odds betting system arcades.

  1. Dave, from Cardiff, Wales

Dave is a recovering gambling addict who once suffered from debt, depression, and alcoholism. Just like many emerging gambling addicts, Dave habitually borrowed cash from online payday lenders to fund his addiction. In addition to spiraling into unmanageable debt, Dave fell out with his wife and son. His uncontrolled gambling habit led to the loss of employment.

Dave admits to losing over £30,000 pounds to gambling. This amount constitutes borrowed payday loans, salaries, savings, and unpaid debts from family members.

Payday Loan Lenders found guilty

The law prohibits creditors from lending credit for gambling purposes. However, Cash Train, a famous Australian online-based payday loan lender violated this law frequently. A couple of former employees admit that they frequently processed payday loans to chronic gamblers.

Conclusion

The largely unregulated nature of the online-credit lending industry will continue encouraging irresponsible gambling. Payday loan dealers should also perform greater scrutiny to avoid lending credit to high-risk chronic gamblers. If you suspect you have a gambling problem, avoid seeking payday loans because your family might end up suffering.

Do you need advice on how to manage your payday loan debts? Visit National Payday Loan Relief today.

 

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