How to Pay Back a Poker Loan – 5 Things to Consider
Posted on April 1, 2008
Filed Under Articles, Tips and Advice
This is an issue that I’m sure many home poker players can relate to. I’ve been on both sides of the coin, on the house side where you really don’t want to give out a loan unless you have to, and on the player side where you just busted because you got drawn out on and really want a chance to win your money back. Regardless, if you’re going to take out a loan on the house, make sure you consider the following before you do:
1.) Can you afford to take out the loan? You should be considerate of the house before asking for a loan. Don’t ask to borrow $200 knowing that you can’t afford to pay it back within a reasonable amount of time. This really makes your credit look bad and decreases the likelihood that you’ll be able to borrow again from the house.
2.) Make sure you’ve earned the respect and trust of the house before you ask. It can be very embarrassing for the house to reject you because they don’t trust you. If it’s your first time asking for the loan, ask for the credibility of another player that knows you to vouch for you.
3.) Once you borrow the money, don’t play foolishly. I know the whole once you agree to lend someone money, it’s their money saying. But just think, if you’re the house, and you’re spotting this guy $100 for the third time and he keeps calling every pre-flop raise and pushing on every draw hoping to get lucky, it can be very frustrating to support that player’s gambling habits. The house is more prone to loan a player money that will more than likely be able to pay it back by the end of the night. Play well with borrowed money, it’ll increase your chances for future loan approvals.
4.) Pay back the loan as soon as you can. The sooner you pay it back, the better it is for the house and the better it makes your borrowing credibility look. I’m more prone to loan someone $100 that’ll most likely stop by the next day to bring it back should they bust.
5.) If you can’t pay back the loan, do NOT dodge the house’s attempts to contact you or ask about it. That’s the worst thing you can do is ignore someone you owe money. It’s disrespectful and a terrible way to take advantage of someone kind enough to loan you some money. If you can’t pay back the money, then don’t be a stranger, let them know. I felt much better about those who informed me of their financial situation and made it a point that they were still aware that they owed me money. If you can’t pay back the loan, make sure you tell them your situation, they’ll be much more sympathetic than if you didn’t tell them at all.
The next time you’re about to ask for a loan from the house, take into consideration those 5 factors. Doing so will increase our credit line and credit with the house and other players.
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