As the NFL work stoppage continues with no end in sight, some cash-strapped players are taking out high-risk, high-interest loans to get them through the lean times — some as big as $250,000 with interest rates as high as 30 percent. Players make their entire salary during the regular season, and many rely on offseason workout bonuses to get them through the spring and summer. Jason Yorker, owner of AGR, likes to think of himself as a lifeline for NFL players and to explain the 30 percent interest rate he charges, Yorker said that, unlike other lenders, he doesn’t care much about his clients’s credit scores or whether they have any assets to back up the loan. If he thinks a player’s good for it, he can get them the cash in just a couple of weeks, since the beginning of the lockout March 12, Yorker said, business has been booming. “You’d be surprised at some of the names of people that have been reaching out to us,†said Yorker — declining to name names — adding that they even include Pro Bowl players. Over the past six weeks or so, according to Yorker, he’s issued 25 NFL players loans, ranging from $30,000 to $250,000, of the current batch, 10 went to veterans and 15 to incoming rookies, the demand from just-drafted prospects left out in the cold by the lockout has been “off the charts,†he said. Source: FoxSports
Are they really to dumb, to save some money for the off-season? Especially when the lockout was obvious for months
the rookies i can understand, but how in the heck can a veteran player have the nuts to be in line getting a loan. i dont give a crap if you're a bench player making the league minimum thats still more than enough to live nicely on
Yeah if you're making over 400,000 (league minimum) and don't have enough put away to get you through a few months without work then you get no sympathy from me. I hope these loaners take their dumb asses for everything they can. I actually have less sympathy for the rooks, Mike. These guys shouldnt have the multi-million dollar mortgage payments and whatnot that the vets do...they should be college kids used to scraping by on ramen and crapty apartments for the last few years, whats a few months more? Why heck yourself right off the bat by borrowing money against a contract that doesnt exist yet?
