Report: Lockout loan trap snares VY
The loan company "Pro Player Funding" has caught another player, and this time is it a big name who has reportedly defaulted on the high interest lockout loan - Vince Young.
TMZ reported that Young took out a loan with Pro Player Funding while he was still with the Tennessee Titans (but was going to be released as soon as the lockout ended)
According to the report, Young took out a loan for just over $1.8 million from PPF in May 2011 to cover his bills during the lockout. The loan was set up that if Young missed one payment then the entire amount, plus interest, would be called in at once.
Young missed his payment in May of this year, right around the time he left the Philadelphia Eagles as a free agent and signed a $1.9 million deal with the Buffalo Bills for this year.
Pro Player Funding went to court and obtained a judgment from Young.
McKinnie, who took out a $4 million loan while with the Minnesota Vikings and missed a payment after he was released there, is now having his wages with the Baltimore Ravens garnished to pay back the loan.
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Terry McCormick covers the Titans for TitanInsider.com