5/17/2023 0 Comments Proplayer fundingThe 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. Much was made of the NFLPA's preparation for the current lockout, which focused on raising players' financial awareness and surviving a months-long battle with no paychecks in sight. It's people going to guys who they know are already in debt, or don’t have the ability to pay their bills during the year and at such obscene terms, that you say, 'Hey, no one would ever sign something like this.' But a lot of players are." "There are a lot of people out there pitching these things," an attorney who has advised players on such loans told on the condition of anonymity. And much to the chagrin of some members of the union, the high-risk loan market has begun to attract players. But while that lifeline was created in part to keep opportunistic lenders at bay, the finances offered by the NFLPA - as much as $60,000 for some players - won’t solve all financial ills. 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, has learned.Īccording to a financing source, these interest rates range from 18 percent to 24 percent, and upon default, they can rise as high as 36 percent.Īll of this comes as the NFL Players Association announced nearly two weeks ago it would begin payouts from its war chest - a lockout fund designed to help keep players afloat during the work stoppage.
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