NFL players are seeking to obtain short-term, high-interest loans to get them through the off-season Rand Getlin of Yahoo! Sports' ThePostGame.com reports. According to the report, the rates on these loans range between 18 and 24 percent, with some as high as 36 percent. "Sounds like total B.S.," Cardinals kicker and NFLPA representative Jay Feely told Getlin. "I think it's predatory and unjust. I don’t think they should be charging those interest rates and I would encourage every player [considering high-risk loans] to look elsewhere. I think if you went to your bank, or outside lending agencies, you're not going to pay that kind of interest. That’s absurd." As Mike Florio of ProFootballTalk.com notes, players in the NFL may not have the collateral or credit history to secure a conventional loan. Another contributing factor to the high interest rates is that nearly all NFL contracts are not guaranteed, which has lenders requiring players purchase accompanying insurance policies to guarantee repayment. Getlin did find one financial advisor to NFL players who would defend the high-interest loans. "There’s a market, there’s a demand, and I’m helping an industry that I benefit from also – helping them to better themselves and to make a difference," Sherard Rogers said. "That’s the way I look at it. Every NFL team was valued at over $1 billion, so they can weather the storm of a lockout. But could players if there weren’t resources to cover this short-term labor dispute?" Source: Mac's Football Blog
If you make as much as even the lowest contract players on the NFL totem pole and dont have enough money to get you through a few months downtime, then you deserve a 36% loan, you poor dumb freaking bastard.
