Quote:
Originally Posted by sonofsam
If you truly had a profitable betting system, why on earth would you need a loan?
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Hi sonofsam, I do have profitable systems that I use (horses in the main but also a few others including football). I have been doing this for a couple of years now and really do come into the very small percentage of people (between 2 - 5%) that generate profits from these markets. The problem I have is that I generate some £3 - £4k monthly (about $4.5 - $6k) and this covers my living expenses (I`m fortunate enough to have a nice property and what I earn covers my mortgage and other costs (taxes, utilities etc)
Just as an example of one of the systems I use, please see below:
This is a laying based on small £10 stakes (the liability will be higher than this as it`s laying and not backing). This is run as a business so obviously I have detailed records of every selection that I make (in case people wish to see more data). My stakes per system selection vary between £10 up to £100.
Quote:
Originally Posted by **********
Don't do it. Borrowing money from anyone is expensive, and taking on a partner can be even more expensive. Try to think this through a little.
How much money do you need? If its just a few thousand and its for a short time, borrow it from your credit card.
If you think you will need it for a longer period of time, talk to your bank. The bank can offer you a lower interest rate than most credit card companies.
Even better than a loan, ask your bank for a line of credit instead. A line of credit only costs you interest when you borrow against it, and only for the amount you use. For example, if you take out a line of credit for $25,000 but use only $5000 of it, you pay interest only on that $5000.
Be careful - your bank may charge fees to transfer funds. If so, ask that they not do this. If they must, then make sure you pay it before they transfer funds otherwise those fees will add up.
If your bank won't play ball and you need lots of funds for a long period of time, call your credit card company and ask them for a credit increase (if you need it) and a "balance transfer". The credit card company will deposit cash into your checking account for you to use as you want and very often will do so at an interest rate far less than their usual rate. For example, MBNA MasterCard will do this at 4.9% during most of the year but every once in a while they have a "Sale" and offer the service at 1.99%.
If everything else fails, then consider borrowing from a friend or whatever, but do not go to any of those lending services you see on TV. They are ripoffs.
Good luck!
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Thanks for your detailed reply my friend. The bank is an option however the £12 - £15k that I need so to take what I`m doing to the next level is a problem because the banks do not view such a market (gambling) as an investment.