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Started By
Message
NFL Players taking out high interest loans?
Posted on 4/12/11 at 5:42 pm
Posted on 4/12/11 at 5:42 pm
Really?
Now I know this may not include the multimillionaire's and may be more along the lines of rookies, un-drafted players, those who do not have large signing bonuses. At least I would hope so...
LINK
quote:
As the NFL lockout enters its second month, players from at least 16 teams have already sought out extremely aggressive short-term loans with high interest rates
quote:Reggie?
The union even went as far as asking players to save a minimum of three game checks from the 2010 season, in hopes of staving off any financial peril this off-season. But one prominent financial adviser, who also spoke on the condition of anonymity, told ThePostGame.com that it's becoming clear many players didn’t follow the union's advice.
"I know at least 16 different teams that have had players go out and have to set these [high risk loans] up," said the adviser. "Guys on the Dolphins, Saints, 49ers, Panthers, Chargers, Bears, Vikings."
quote:
In order to ensure payment on the loans, financial sources say lenders are also requiring that players purchase insurance policies which guarantee payment in the event a player gets hurt. Sources say the premiums on those policies may reach as much as $200,000, which also provide additional kickbacks for middlemen
Now I know this may not include the multimillionaire's and may be more along the lines of rookies, un-drafted players, those who do not have large signing bonuses. At least I would hope so...
LINK
9
Posted on 4/12/11 at 5:48 pm to tduecen
quote:
The union even went as far as asking players to save a minimum of three game checks from the 2010 season, in hopes of staving off any financial peril this off-season. But one prominent financial adviser, who also spoke on the condition of anonymity, told ThePostGame.com that it's becoming clear many players didn’t follow the union's advice.
I didnt know that players got paid in the offseason. I thought everyone got paid exclusivly by game checks.
Posted on 4/12/11 at 5:49 pm to tduecen
payday loans for ignorant athletes. 
Posted on 4/12/11 at 5:52 pm to C
Dumbbb lol
Posted on 4/12/11 at 5:58 pm to tduecen
They need loans already??? shite, man...at least keep some money in savings. Damn
Posted on 4/12/11 at 6:23 pm to bomber77
I wanna know which players couldn't manage the money, don't they have people who actually handle the money for them?
Posted on 4/12/11 at 6:28 pm to tduecen
So they are players already needing to take out loans to make ends meet?
The NFLPA is fricked
The NFLPA is fricked
Posted on 4/12/11 at 6:29 pm to SPEEDY
Apparently.... look at the interest rates as well and the fact the loan company making them take out the insurance to cover it.... $$$$$
Posted on 4/12/11 at 6:32 pm to tduecen
quote:
I wanna know which players couldn't manage the money, don't they have people who actually handle the money for them?
quote:
David Wells, adviser to Dallas wide receiver Dez Bryant, said Wednesday the Cowboys player wants to repay his massive debts.
Two lawsuits emerged this week alleging Bryant owes more than $850,000, not including damages or legal fees, from jewelry and tickets to sporting events purchased on credit, as well as unpaid loans.
"We'll get them all settled and dealt with," Wells said Wednesday. "We want to move on, that's what we want to do. We're working on it."
quote:
Because of the lawsuits, the perception exists that Bryant is struggling financially. Last season, Bryant made $2.8 million in base salaries and bonuses. He also received $50,000 from Under Armour and other income from personal appearances.
Bryant is scheduled to receive a base salary of $1.1 million this year with a $1 million roster bonus. He cannot receive the bonus until the NFL lockout ends.
Posted on 4/12/11 at 6:39 pm to SPEEDY
So who was the Saints player you think?
Devery?
Reggie?
Brees?
Devery?
Reggie?
Brees?
Posted on 4/12/11 at 6:53 pm to tduecen
If Reggie needed money he could just release a new Kim Kardashian sextape.
Posted on 4/12/11 at 7:04 pm to SPEEDY
bryant spent 25% of the money he has made on jewelry?
.wow.
.wow.
This post was edited on 4/12/11 at 7:05 pm
Posted on 4/12/11 at 7:29 pm to DelU249
And now we know why something like 80% of NFL players are broke after retirement. Their dumbasses can't even save for a lockout everyone knew was going to happen for how long now?
Posted on 4/12/11 at 7:36 pm to BluegrassBelle
Nice. I got some customers that would love to get in on this action and make some loans.
Posted on 4/12/11 at 7:54 pm to BluegrassBelle
quote:
And now we know why something like 80% of NFL players are broke after retirement. Their dumbasses can't even save for a lockout everyone knew was going to happen for how long now?
I might have had some sympathy for them in the 60's and 70's, but now they are just idiots. I don't understand how anyone could feel sorry for their stupid asses. They were pampered their whole life and made a mint, too bad they're too foolish to manage it.
Posted on 4/12/11 at 8:02 pm to SPEEDY
Not shocking at all. Lots of these players come from nothing, so they have absolutely no concept of saving money. If I got Manning's salary for a season, I'd be set for life.
Posted on 4/12/11 at 8:12 pm to DelU249
quote:
bryant spent 25% of the money he has made on jewelry?
If a car loses value when you drive it off the lot... a diamond encrusted 88 probably drops a wee bit quicker. There is a shortage of rich number 88s that burn their money in a fireplace.
Posted on 4/12/11 at 8:12 pm to bomber77
I think players get paychecks for 18 weeks during the season only
They only get per diem for training camp and OTAs
They only get per diem for training camp and OTAs
Posted on 4/12/11 at 8:37 pm to supatigah
Jamal Mashburn needs to teach classes on how to prepare for your future outside of pro-athletics. Dude's money.
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