I�m looking to get a personal loan from a bank in order to acquire a bankroll to play poker with.

The situation:

I just graduated college this summer I am looking to make poker my �career� for the next year or so until I figure out what type of career path I want to pursue.

I�ve played 40/80 limit at the commerce the last few summers in order to have money for the school year. I was backed during this time standard 50/50. I�ve had good results but spent most of what I made each summer during the school year.

I want to be on my own since I will be playing full time & don�t want to ship off half my profits.

I feel like I would need a 20k loan to get started at this limit.

I was wondering if I put up my car as collateral if it would be enough to get this type of loan since I have no credit history. I have a BMW that is several years old probably worth about 6k-7k. What type of loan is realistic / my best option?

agree with hostile- it's idiotic to take a loan to play on

alos if you put your car up it would be used car loan. However, you don't have any income or job so they won't give you the loan anyway.

Just play backed until you have enough to drop the backing.. and/or drop down and build up.

Even if you could get the loan playing backed is so much a better deal.

I also agree this is a redic idea. If you are really serious about playing poker for a living...
1. Get a job.
2. Get another job.
3. Move into a bachelor dump apartment (Cheap Rent)
4. Save, Save, Save...!
5. See where you're at after 6 months of this.
6. Play with your own coin.

=) just mo, GLGLGLGLGL

suck it up, get backed imo.
u only have to give away half profits till u get where u need to be, definately a much riskier option the other way if u bust

If you played 40/80 live at the Commerce and had "good results",
why would you want to even consider taking out a loan to gamble with?
Sounds like you want to jump from step "A" to step "E", while risking
$20K you shouldn't be gambling with.

You might be a winning player and you might be able to repay that 20K
loan off quickly but why have that responsibility hanging over your head
day after day?

Why not drop down a few levels at the Commerce and see if you can build
a roll that way. Then if that doesn't work you can search for other options,
at least you wont be 20K in debt.

Let your results speak for themselves. If you're a long term winning player,
backing offers will come to you imo.

So you just graduated college and you aren't intelligent enough to deem this an awful idea? Besides the fact of this being ridiculous, there is a 0% chance a bank is going to give you a 20k personal loan when you have no income (or provable income).

 

Originally Posted by negativeROI

So you just graduated college and you aren't intelligent enough to deem this an awful idea? Besides the fact of this being ridiculous, there is a 0% chance a bank is going to give you a 20k personal loan when you have no income (or provable income).

^^^^ I was a loan officer for a while after college. There is 0% chance you get a loan with no job or credit history... Not to mention how bad of an idea this really is

 

Originally Posted by 3bet

I'm still looking for answers to any1 who knows about collateral loans as this is the main reason i posted. I understand a lot of people not liking the risk factor, but I am very aware of variance and confident my own ability.

There are many private loan title companies that will loan you cash for the title to your car. Im sure there are several in your area. But you can get no more than the car is worth and some percentage less. But that certainly is a possililty if you want to go that route.

I can see this ending up in a congressman's hands who hates poker, no way this would end well IMO. Just get backed

they are all fcking haters, do what you feel is right man. You only live once....glglgl.

 

Originally Posted by SmokinBsOnEm

they are all fcking haters, do what you feel is right man. You only live once....glglgl.

Ya wtf. All you people trying to dissuade a 20 something college grad from getting a $20k loan to use as a poker bankroll....buncha fucking haters.

don't be a pussy. get the loan then put all $20k on red.

Yeah i thought about this idea too. I think it makes sense if you are a winning player. Isn't that what poker is all about? Poker is like starting a business. The cash (bankroll) is the assets of the business. The assets are put to work to make income. Many businesses get loans to get started. However, you know it will be hard to get a business loan for poker. But if you can get 5000 loan for your car, and couple credit cards, dad, it could be a good deal. I would not look to pay that high of interest. I think you can get a better deal than 25%.

guys guys guys stop the madness... does anyone else notice this is sfobv level? 25 advice responses though not bad
level = nice try
not a level = please call the hotline... soon

i started my poker 'carreer' by blowing 10K on online blackjack on my credit cards. then i was too depressed to go to work, no call no show for 4 days and im fired on the 5th.

Then i go home, deposit another 500$ from cc and grinded 4 tables of .5-1$nl online and moved up to 4tables of 1-2$ when i had 800$. I left 1.5k in my roll and withdraw 1k at a time till i paid my dept. 6months later i was in the black and eurotripping and 3years later still playing poker and loving it :)

all not backd

good luck