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Juriga72
04-15-2011, 05:39 PM
I didnt see this posted, they talked about it here today tho...


18-24% juice...... wow

http://miami.cbslocal.com/2011/04/13/report-nfl-players-taking-risky-loans/

KCL
04-15-2011, 05:47 PM
If this is true..perhaps some of these guys will have to go out and find a job..or are they allowed to do that? and Good Luck with that...also doubt many would.

And why are the interest rates so high?

Juriga72
04-15-2011, 06:38 PM
If this is true..perhaps some of these guys will have to go out and find a job..or are they allowed to do that? and Good Luck with that...also doubt many would.

And why are the interest rates so high?

From the reporter I heard talk today....3 reasons
#1- Predatory practices..... anyone ever offer you a umbrella on a sunny day? lol the NFLPA can give up to 60K max....

#2- They really have no other option to get this kind of money ( 500k and up) WITH no income.

#3- Most if not all of these guys taking out THESE loans have bad credit.

Seems that 1.5 mil / year does not go as far as used to..even WITH 2 years heads up notice........

SR
04-15-2011, 06:54 PM
A bunch of plain dumbasses. That's what happens when you've got a bunch of frickin hoodlums that get paid to go to college, don't have to go to class to make good grades, and get drafted in to the NFL and start making millions without any money sense.

Denver Native (Carol)
04-15-2011, 07:06 PM
Players from at least 16 NFL teams have turned to short-term loans with high interest rates as a way to keep cash flowing amid the month-old lockout, ThePostGame.com reported Tuesday.

The NFL Players Association started payments to players from its lockout "war chest" nearly two weeks ago, but according to the report many players are still in need of the risky loans.

"There are a lot of people out there pitching these things," an attorney who has advised players on the loans told ThePostGame.com on the condition of anonymity.

"It's almost predatory lending. 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 (lending them money) at such obscene terms, that you say, 'Hey, no one would ever sign something like this.' But a lot of players are."

According to the report, interest rates on the loans range from 18 to 24 percent, and can go as high as 36 percent upon default.

http://msn.foxsports.com/nfl/story/NFL-players-use-high-interest-predatory-loans-during-lockout-041211

Yeah - Smith REALLY is doing the players a favor - NOT Regardless how bad he feels the owner's offer was, it has to be better than players having to do this :tsk:

SR
04-15-2011, 07:10 PM
Smith is a damned idiot.

Denver Native (Carol)
04-15-2011, 07:17 PM
Smith is a damned idiot.

Agree - and with his salary, I am sure he does NOT have to take out one of these loans :tsk:

KCL
04-15-2011, 07:22 PM
A bunch of plain dumbasses. That's what happens when you've got a bunch of frickin hoodlums that get paid to go to college, don't have to go to class to make good grades, and get drafted in to the NFL and start making millions without any money sense.

http://www.broncosforums.com/forums/showthread.php?t=234575

TXBRONC
04-15-2011, 07:24 PM
I don't think owners have been completely on the up and up but players don't have reason cry they're the ones that walked away from the negotiating table.

Dreadnought
04-15-2011, 07:31 PM
From the reporter I heard talk today....3 reasons
#1- Predatory practices..... anyone ever offer you a umbrella on a sunny day? lol the NFLPA can give up to 60K max....

#2- They really have no other option to get this kind of money ( 500k and up) WITH no income.

#3- Most if not all of these guys taking out THESE loans have bad credit.

Seems that 1.5 mil / year does not go as far as used to..even WITH 2 years heads up notice........

These are extremely high risk loans, and the lenders have a good chance of getting stiffed.

I'm guessing the Stars will be just fine; its the marginal guys whose careers and futures are likely to be ruined here. Peyton Manning? Drew Brees? They're set as it is

TXBRONC
04-15-2011, 07:36 PM
These are extremely high risk loans, and the lenders have a good chance of getting stiffed.

I'm guessing the Stars will be just fine; its the marginal guys whose careers and futures are likely to be ruined here. Peyton Manning? Drew Brees? They're set as it is

Then it's NFLPA leadership get their head out of there ass and get a deal done to protect the marginal guys.

Denver Native (Carol)
04-15-2011, 08:14 PM
Then it's NFLPA leadership get their head out of there ass and get a deal done to protect the marginal guys.

Exactly - that is what I meant when I said that Smith was not doing the players any favors. The offer the owners made was BETTER than no offer at all, and the owners did back down on a few things, and it STILL was not good enough for Smith :tsk:

Dzone
04-15-2011, 09:00 PM
Its called "Keeping up with the Joneses"...if you read the SI article last week about Darrent Williams, you would know that D Will was wearing a $135,000 neclkace that night wth a big gold medallion the size of a CD. Javon Walker that night had on a $150,000 necklace. This is the shit these guys need loans for. You think they can change the lifestyle they started the day they got their first check? If they are driving a new Bentley, they will need a loan to keep up the payments. Chicks dig Bentleys and Lambourghinies. None of those guys want to have to go back to living a "normal" lifestyle, even if it means taking out a ridiculous loan at 25% interest. They will do whatever it takes to keep up the bling.

SR
04-16-2011, 03:22 PM
Its called "Keeping up with the Joneses"...if you read the SI article last week about Darrent Williams, you would know that D Will was wearing a $135,000 neclkace that night wth a big gold medallion the size of a CD. Javon Walker that night had on a $150,000 necklace. This is the shit these guys need loans for. You think they can change the lifestyle they started the day they got their first check? If they are driving a new Bentley, they will need a loan to keep up the payments. Chicks dig Bentleys and Lambourghinies. None of those guys want to have to go back to living a "normal" lifestyle, even if it means taking out a ridiculous loan at 25% interest. They will do whatever it takes to keep up the bling.

And this just adds on to what I said. But then you have the smart ones who live like they're making $100k/yr with no family, etc, so that one day when they DO have a family they are set up for life financially. THOSE are the ones that these dumbshit thug wannabes need to learn from.

Lonestar
04-16-2011, 04:01 PM
Jake would have had to get a loan pay for his car and new t shirts.

I'd if takes a bentley ro get laid bexausws your dumb as a Rock then most wil be broke the minute their careerisover.
Have zero symphany for them.
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Poet
04-16-2011, 04:52 PM
Jake would have had to get a loan pay for his car and new t shirts.

I'd if takes a bentley ro get laid bexausws your dumb as a Rock then most wil be broke the minute their careerisover.
Have zero symphany for them.
Mobile Post via Mobile.BroncosForums.com/forums

I love you man, but you just called people dumb as a rock and your post caused me to have a headache when I read it.

BORDERLINE
04-17-2011, 01:01 PM
I'm sorry but there's no sympathy on my part. These players new this was coming. It will only affect the players that make the rookie/vet minimum and go into training camp having to battle for a position each year. Those guys need to just buy a house and save save save because there playing days in the NFL are not set in stone.

Lonestar
04-17-2011, 01:19 PM
I love you man, but you just called people dumb as a rock and your post caused me to have a headache when I read it.

Did not know you drove a bentley. :laugh:
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Dzone
04-17-2011, 04:42 PM
Rumor has it that Elway drives a Bentley and he has no car payment

MNPatsFan
04-17-2011, 05:38 PM
Rumor has it that Elway drives a Bentley and he has no car paymentDid he buy it from one of his former car dealerships?:confused:

:laugh:

FanInAZ
04-18-2011, 12:36 AM
The NFLPA has started making payments from its lockout fund to help keep players financially afloat until the lockout ends.

The lifeline was created to keep predatory lenders away from players. But with the fund only paying out up to $60,000 for some players, it will put many in a precarious position when bills come due.

They can't make it $60,000! I could live on that for at least 4 years!

Juriga72
04-18-2011, 06:17 AM
They can't make it $60,000! I could live on that for at least 4 years!

Hey now.... Travis Henry pays 160,000/ month in child support

MNPatsFan
04-18-2011, 08:51 AM
Hey now.... Travis Henry is supposed to pay 160,000/ month in child supportThere fixed it for you because what he is supposed to pay and what he actually pays probably are not the same.;)

:laugh: