Ravens Bryant McKinnie Owes $4.3 Million for Lockout Loan
Players were warned about taking these lockout loans.
The loans had super high interest rates and unusual clauses that made them very high risk to the players. Like any loan it only worked out for you if you could pay it back immediately.
In McKinnie’s case a clerical error has him staring at a $4.3 million bill that he can’t pay.
Back when McKinnie was a member of the Minnesota Vikings … dude must have had a feeling a lockout was on the horizon … because in February 2011, he took out a $4 million personal loan with Pro Player Funding … which specialized in “lockout loans” for NFL guys looking to cover their asses during the impending pay freeze.
According to court docs obtained by TMZ … the loan was VERY high risk … with high interest rates and a clause that allowed PPF to call in the entire amount due if Bryant missed ONE payment.
And that’s exactly what happened in August 2011 … right after the lockout ended and Bryant was CUT from his team.
PPF instantly went to the court and obtained a judgment against McKinnie … ordering the NFL star to pay back his entire loan … plus interest … totaling $4.3 million.
The clerical error was that McKinnie didn’t make arrangements for payments to be made once he was cut, so it wasn’t that he couldn’t make the payment, but because of the unusual clause in the contract he open himself up to be sued for the entire amount.
SMARTEN UP NAS