Truth & Rumors > NFL
Report: Locked-out players already seeking loans
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08:36 AM ET 04.17 | Barely into the second month of the lockout, there's already been some disturbing news on the financial front for players. Players from at least 16 teams have at least shown interest in taking out short-term loans with high interest rates and fees, according to a report from ThePostGame.com. The report cited a source that indicated the interest rates range from 18 to 24 percent, and could rise to as high as 36 percent on default. "I know at least 16 different teams that have had players go out and have to set these [high-risk loans] up," said a financial adviser in the report. "Guys on the Dolphins, Saints, 49ers, Panthers, Chargers, Bears, Vikings."
NFL, Sean Gardner/Getty Images
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Comments (151) Add A Comment
Too bad. This is just what the owners were hoping would happen...
Melman
Total Comments (17731)
Darned spammers
Melman
Total Comments (17731)
i'm unsure if they cover these "payday" loans at the rookie symposium, but even if they do, teams should have yearly refreshers on responsible personal finance.
those that don't are setting themselves up for FAIL. thank heavens one of my teams isn't among the above.
andrewquik
Saint Louis , MO
Total Comments (1)
Maybe they should all ask there universities to refund there tuition. They obviously didn't get an education.
SteveDallas
Amarillo, TX
Total Comments (2494)
How the hell can they piss away all that money? The lowest players make five times what I do a year?
Sorry refuse to feel sorry for them.
COUNT DOOKU
Total Comments (23478)
This shows the foolishness of the players. Additionally, it gives the owners the choke-hold they want. Damn, I hope this stupid lockout ends before the draft.
Stuart MacDougal
Indianapolis, IN
Total Comments (4191)
I went to the site they took this from. Un named sources and all, I read that "as many as 10%"...Well, that tells me that 9 out of 10 ( if you believe any of the story, it is really about loan sharks circling guys with money ) are just fine.
50yearfan
Total Comments (11529)
The owners can always borrow from the NFL pool of money interest free. Not a bad deal. They have always had that little plum in there.
50yearfan
Total Comments (11529)
The Rich have always had better options for borrowing than the desperate.
hbomb
Total Comments (26365)
Too bad??? If the players did nothing to prepare themselves, I have little sympathy. My wife used to be a state employee. We made sure we had her income covered in the event of a strike/lockout. That is right, we planned ahead.
Win TWINS!!!
Total Comments (69090)
And the best lawyers if you cannot pay it back. So it goes.
50yearfan
Total Comments (11529)
It is not the employer's responsponsibility to educate their employees on money management. It's bad enough that they have to provide those clinics to incoming rookies.
Win TWINS!!!
Total Comments (69090)
I think most of them will be just fine.
50yearfan
Total Comments (11529)
18-24% loans...
Welcome to the real world, boys!
Otis B. Driftwood
Total Comments (31646)
Recent history shows us it is employers who have done a lousy job of money management. They could use some lessons from the employees it seems.
50yearfan
Total Comments (11529)
That's more than your friendly Shylock charges.
hbomb
Total Comments (26365)
I would not give much credence to this story. Not much at all. Sounds no different than if there was no lockout. Most can deal with their money and some not.
No named players and no named source and no news here.
50yearfan
Total Comments (11529)
It's not their responsibility but it is good business practice. If two teams are after the same high value free agent offering approximately the same money, why would the FA sign with the team that obviously doesn't care about employees?
Cheesy Texan
Converse , TX
Total Comments (427)
It is such a shame that these CBA negotiations and the lockout popped up instantly on these poor guys. Too bad there was no warning this could happen. Maybe if there was some kind of hint this could happen, they could have prepared for it. Another American Tragedy.
Mangler.
Total Comments (11567)
Good for you.
S DOT HITS DA SPOT
Total Comments (1636)
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