Vince Young Hit With $1.69 Million Payday Loan Settlement
Vince Young must pay Pro Player Funding (PPF) $1.69 million after he took out and then failed to pay off a loan from the company in May 2011.
Known as a high interest “lockout loan,” the company offered cash to players when the NFL lockout left many unable to pay their bills. At the time of his loan Vince Young was a struggling QB with the Tennessee Titans.
Young went to PPF and took out a loan in the amount of $1,876,876.88. Documents for the loan stated that PPF could call in the full loan amount plus interest if a player missed even one payment. During his transition from the Philadelphia Eagles to the Buffalo Bills, the QB missed a payment, and PPF called in the loan.
The amount owed by Vince Young is nearly the entire $1.9 million he’ll earn while playing with the Buffalo Bills during the 2012-2013 season.
Young is not alone in his predicament, Baltimore Ravens lineman Bryant McKinnie has agreed to give up his entire $3.2 million salary for 2012 to PPF after he took out a $4 million loan with the company.
Pro Player Funding has been widely criticized for taking advantage of NFL players during the lockout; until this time, however no players had come forward with large interest loans from the company.
PPF has received court ordered permission to collect money from Vince Young.
In the meantime, Vince Young has been involved in another financial squabble of a different kind, claiming his former agent stole $5.5 million in endorsement deal from him.