The Facts:
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, ThePostGame.com has learned. "I know at least 16 different teams that have had players go out and have to set these [high risk loans] up," said an unnamed financial adviser. "Guys on the Dolphins, Saints, 49ers, Panthers, Chargers, Bears, Vikings."
Reported by Yahoo! Sports
Fantasy Football Diehards Line:
Another financing source told Yahoo the interest rates range from 18 percent to 24 percent, and upon default, they can rise as high as 36 percent. All 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. 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. And much to the chagrin of some members of the union, the high-risk loan market has begun to attract players. 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. The 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. But it's becoming clear many players didn’t follow the union's advice.
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