NFL Contract Loans – Fast, Easy, Financing for NFL Players
What is an NFL Contract Loan?
An NFL Contract Loan is a unique type of loan that uses a player’s NFL Contract as the basis, and collateral, for making the loan. The amount a player can borrow is determined mostly by the size, type, and term of their NFL Contract. Personal Credit, bank statements, tax returns, and other information traditional lenders use to determine if a person is credit worthy play little role in NFL Contract Loan Approval.
There are a lot of reasons NFL Players use contract loans. Athletes often need financing just like the rest of us, and one popular financial instrument they use is called an NFL contract loan. Essentially, this is when the athlete borrows money from a private lender to help finance their expenditures.
Loans for NFL players have become increasingly common in recent years. This is largely because the average career length of an NFL player is only three and a half years. With such a short career span, many players don’t have enough time to save up enough money to cover their expenses, so they take out loans instead and pay them back over time.
NFL players who have a guaranteed contract will be paid regardless of circumstances. That guaranteed contract is excellent collateral for finance companies who are familiar with NFL policies, contracts, and pay schedules (like Balanced Bridge Funding).
If you are an NFL Player and want to learn more about taking out an NFL Contract Loan, please continue reading – OR – Contact Our Athlete Funding Specialist right now
Why do Veteran NFL Players Use Contract Loans?
NFL Contract Loans are not just for NFL rookies and draftees. Veteran players use contract loans to purchase second homes, buy businesses, open new franchises, and make new investments.
Even though veteran players are often some of the highest paid people in the world, they are still people; and like most people, they don’t want to wait to save up their money to buy a new house – they take out loans instead. When they see a home they want, or a business opportunity comes up, they don’t want to miss those opportunities. They take out a loan, and then make their payments, just like the rest of the world.
Why do Newer NFL Players Use Contract Loans?
When you are in your first few years on the team, you may not have much credit history, which banks often use to decide if they are going to loan you money. Plus, banks often want to see up to three years of tax returns proving you can repay your loan. But as a new player, you might not have three years of tax returns yet.
But these are just a few of the reasons new NFL Players use Contract Loans. When you are first starting out with your team there are a lot of expenses. You have to find somewhere to live in your new city. You might need a dependable car. Some rookies and draftees already have families and need to relocate them and get their kids in school. There is travel. All of these expenses add up.
In addition, it isn’t uncommon for new athletes to want to purchase a new home for their parents or other family members as a way of thanking them for being supportive. Lots of newer players use an NFL Contract Loan to make these types of purchases.
Financing The Off-Season for NFL Players
Did you know that NFL players do not receive paychecks throughout the entire year? It’s true! They don’t receive any checks during the off-season, and they only a fraction of their salary during pre-season. Because of this financial strain, many NFL Players rely on using credit cards or NFL Contract loans to make it through the months without a paycheck coming in.
We think using NFL Contract loans to finance the off season has some benefits over trying to use credit cards. Credit cards can be a real challenge because they frequently have high interest rates, and fees, and offer insufficient credit limits for making major purchases like buying a home or purchasing businesses. Even if you qualify for an American Express Black Card (Properly called the Centurion Card), you will still typically have to pay off your balance at the end of each month or face incredibly high interest rates.
Plus, the amount of credit you qualify for when you get a credit card is often limited by your credit score and how much money you already owe to other creditors. Credit cards are particularly hard to get for rookies who may not have established credit and don’t have three years’ worth of tax returns to justify being approved by a credit card company.
Figuring out how to finance the off season is a reality for every NFL Player. By making use of NFL Contract Loans, you can get the money you need now, and pay it back when the regular season starts up again. There is no reason to miss out on opportunities just because it is the off season.
NFL Contract Loan Companies
NFL Contract Loan Companies like Balanced Bridge Funding understand how NFL players get paid, how contracts work, how signing bonuses are paid, etc. To us, a guaranteed NFL Contract is great collateral for making loans to NFL Players. It isn’t that we are any better than a bank. We just have different lending standards and view collateral differently.
- Credit Not a Major Factor – With an NFL Contract Loan, your credit is not a major determining factor for Athlete Finance Companies. They are going to check your credit of course, but often they are not looking for the same things a bank is looking for.
- Speed – If you are an NFL Player and you need to get some of your money right away, NFL Contract Loans are a great way to do it. Compared to some traditional loans, getting an NFL contract loan is fast and easy. This is doubly true when you are dealing with a company like Balanced Bridge Funding, who is a direct lender and underwrites your loan themselves. Since they don’t have to deal with multiple layers of underwriting bureaucracy to get your loan approved, you can get your money fast when you need it.
- Athlete Funding Companies Know How the NFL Works – At Balanced Bridge Funding, we have been making loans for professional athletes for years. We know how the leagues work. We know how signing bonuses work. We know how off season and pre-season pay schedules work in all of the various professional sports leagues.
Because of this, we also understand how to loan money against contracts for NFL Players. We know that making loans to NFL Players is an excellent investment. It helps the athlete get the money they need to do the things they want to do and buy the things they want to buy, and we know we will get paid back because your contract is guaranteed.
More Details About NFL Contract Loans from Balanced Bridge Funding
How Much Money Can I Borrow Against My NFL Contract?
If you work with Balanced Bridge Funding, we can generally fund up to five million dollars against your contract – or – as little as $25,000. The size of your contract plays a major role in how much of an NFL Contract Loan you can get.
How Long Does It Take To Get Approved For an NFL Contract Loan?
This is the best part. You can be approved and have your money from an NFL Contract Loan in a matter of days. You simply provide the documentation we need, sign your agreement, and we send you the money right away. It is easier than you can imagine.
Why Wouldn’t I Just Borrow the Money from a Bank Instead of Using an NFL Contract Loan?
One of the reasons you might work with an athlete funding company like Balanced Bridge Funding is because we have different lending standards than banks as far as professional athletes go. We work with athletes, so we know how the payment system works and we see future athlete earnings as great collateral. It isn’t that we are any different from a bank – we just have different lending standards that are favorable to professional athletes.
Is Balanced Bridge Funding Just a “Middle Man” or a Broker?
No, Balanced Bridge Funding is a direct lender. We are not a broker for some other company that loans you the money. This is important because if there are any issues with your loan approval or after the loan is made, you are dealing directly with the source of your loan instead of a broker who has no real say in any part of the process.
How Does a NFL Contract Loan Work?
An NFL Contract Loan is simple. You send us some paperwork showing the value of your upcoming contract, we negotiate how much of a contract advance you want to take out, we agree on fees and conditions, you sign our agreement and within a few days, you will have the cash in your bank account. Just Click Apply to Get Started.
How Does Balanced Bridge Funding Make Money on NFL Contract Loan?
We get paid much the same way as any financial institution, and for the same reasons. We essentially get paid to “wait for the money.” You get your money now, and for a fee (often referred to as interest), we wait to be paid from your contract sometime in the future.
CASE STUDY: Buying a New House With a Professional Athlete Contract Loan
We received a request to secure real estate financing on a multi-million-dollar home for a professional athlete who had just signed a $40 million contract.
This Player had a limited credit history and limited cash reserves in relation to the purchase price but needed to make a significant down payment to qualify for the mortgage. However, they would not receive this money for several months (until camp started) and they didn’t want to miss the opportunity to purchase this specific home.
What We Did:
We were able to provide this client with a contract loan for one hundred and four percent of the purchase price which was enough to cover all of the fees and closing costs for the home. The client ultimately saved 8% by doing a cash purchase of the home. The Player was not required to use his own funds for a down payment, and he closed on the home loan in one week.
About Balanced Bridge Funding
Balanced Bridge Funding provides funding for professional athletes from the NFL, NBA, NHL, MLB, the American Soccer League, and even referees and coaches from all of the major leagues. If you are an athlete with a guaranteed contract, chances are we can fund a contract advance for you, and have your money to you quickly.
Types of Athlete Funding and Loans Balanced Bridge Can Provide NFL Players
- Guaranteed Contract Advances
- Non-Guaranteed Contract Advances
- Pre draft advances
- NIL Advances
- Free-Agent/Arbitration-Based Contract Advances
- Real Estate Consolidation
- Banking and Refinance Solution
To get started, please begin by Applying. Just Click Apply to Get Started.