NFL Player Owes $4.3 Million on Personal Loan
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UPDATED: Apr 12, 2012
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Think your personal loans are bad? Try walking in Baltimore Ravens’ Lineman Bryant McKinnie’s shoes, who must find a way to come up with $4.3 million after defaulting on a personal loan he took out during the 2011 NFL lockout, reported TMZ on Thursday.
Back in March 2011, there was an NFL labor dispute between the NFL’s owners and players that went unresolved, resulting in a work stoppage. The lockout remained in effect until July 21, 2011, but that left players out of work for nearly five months.
McKinnie, who was then a Minnesota Viking, tided this time over with a $4 million personal loan. He financed the money through the Pro Player Funding (PPF), which specializes in “lockout loans” for NFL players who will be without a paycheck during a union and owner dispute.
The PPF’s personal loans, however, are unlike those that the general public usually agrees to. According to Fox Sports, the court documents involving McKinnie’s case reveal that the PPF loans come with very high interest rates and with a clause that allows the PPF to demand full repayment of the financing if a borrower misses but a single payment.
McKinnie had arranged for his paychecks to go directly to the PPF, but in August 2011 McKinnie was cut from the Vikings due to an unspecified injury, resulting in a missed payment.
The PPF enacted their right to demand full repayment of the personal loan and obtained a court judgment demanding McKinnie to repay the entire amount of the loan, plus interest, for a grand total of $4.3 million.
Luckily, after McKinnie was cut from the Vikings, he signed a two-year contract with the Baltimore Ravens. But that two-year contract is only worth a maximum of $7.5 million.