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NFL Players Taking Out Loans During Work Stoppage

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Some NFL players are not sitting around waiting for their next paycheck, as they are taking out loans during this work stoppage and paying heavily for it. Some loans were reportedly made with an interest rate of anywhere from 15-30% of the principal. This means that if a player borrows $100,000, he will end up repaying their loaner $130,000.

Players were reported, according to The Daily, of receiving loans in amounts up to $250,000, with a majority of the players being recently drafted rookies awaiting their first huge payday from their signing bonuses. A smaller percentage of the players getting loans were veterans among the lower end of the NFL pay scale. Those cash-poor players make the NFL-minimum f around $300,000 annually and while the average salary in the NFL is just under $2 million a season, an overwhelming majority of them make $700,000 or less, with the huge contracts given to the precious few mega-stars in the league.

It's sad to hear that many of these guys just cannot manage their salaries enough to prepare for this "rainy day" situation that the NFLPA has been warning players about for a couple of years. Now the labor issue threatens to not only delay the season, but put more and more NFL players into dire financial positions.