People from all walks of life have had to pursue short term lending
options. The 2008 recession and its subsequent financial troubles have left many individuals needing to supplement their regular income with fast cash to cover emergency expenses. This can be seen in those who have a high income level but have made questionable economic decisions, as well as those who have to live paycheck to paycheck. Even celebrities have needed some extra money - however, it is important to note that no matter how much money is in one's bank account, if they've taken out a loan, they are just as liable to pay back their lender as anyone else. Football star takes out loan, fail to pay back
Quarterback Vince Young, who currently plays for the Buffalo Bills, took out a short term loan when the National Football League was in the middle of a lockout in 2011. According to The Inquisitor, the Pro Player Fund offered many players short term loans, so they could cover emergency expenses when they were not being paid. Young, then playing for the Tennessee Titans, took out a loan worth over $1.8 million, the source reported. The documents accompanying the borrowing option detailed the PPF could ask for the entire amount to be paid back if the individual missed even one installment. The organization did that when Young missed a payment during his transfer from the Philadelphia Eagles to the Bills in 2012. Young must pay the PPF back $1.69 million immediately, The Inquisitor reported. Short term loans may be targeted more for collections Debt collection
companies are considering pursuing accounts that are overdrawn due to short term loans with increasing frequency, a recent LiquidEdge poll found, according to insideARM. The source reported recovery companies hope to look into these lending options because of the growing under and unbanked populations that take out the loans. Approximately 60 percent of respondents to the poll said they wanted to add the type of debt to their business, while the other 40 percent said they wanted to investigate overdue student loan payments and other types of owed amounts. According to The Inquisitor, Young is not the only professional athlete to be called on to pay the loan in full after a missed payment. Lineman Bryant McKinnie of the Baltimore Ravens is being asked to pay the PPF as well.