I thought you only had a 23% interest rate if you were getting a Payday Loan from Lee’s Pawn and Jewelry.
Even the Mafia thinks that is an outrageous interest rate, but alas with the NFL Lockout going on and wives, groupies, kids and mistresses to feed, some NFL players have no choice.
Pro Football Talk has the details.
Rich “Big Daddy” Salgado of Coastal Advisors, one of the leading insurance firms for pro athletes, has posted on Twitter that an unnamed player recently obtained a $500,000 loan, at a whopping 23-percent interest rate.
For the non-math majors in the crowd, that’s $115,000 per year in interest.
Dez Bryant is this you?
The interesting thing is during the offseason the players don’t get paid anyway, which leads me to believe that players would be doing this lockout or not.
I am sure the player in question is praying the lockout ends by the time the regular season comes, so they don’t have to pay all that interest back.