The average consumer-level same day loan comes with a 15 to 25 percent fee per $100 loaned. Considering the relatively small dollar amount of these instant pay day loans, the fee generally does not break the bank. However, the 2011 NFL lockout has given rise to high-dollar variation of such loans, which the media has dubbed "lockout loans," states Yahoo! Sports. In this case, lending agents are coming to the players with offers, knowing the paydays are not coming and cash needs continue to exist. Resource for this article - NFL lockout loans: More money, more problemsby MoneyBlogNewz.

Paying 36 percent Annual Percentage Rate on huge lockout loans

There have been lockout loans of $60,000 made with a 36 percent APR which ads up very fast. The $300 and $400 customer same day loans do not make nearly that much interest on 36 percent APR. The loans have been accessed by several players. Yahoo! Sports reports they were given to players from at least 16 teams.There have been some players that have had a really hard time with the NFL Players Association lockout definitely. Some players have been just fine though. In anticipation of the lockout taking place in 2011, the NFLPA advised players to save three game checks at the very least, while hardly any players did this. In addition, the NFLPA has urged players to refinance their homes, fly coach and pursue moneymaking opportunities like autograph signings and speaking engagements in this extended off-season, writes MSNBC.

Money problems for NFL players

From a young age, star athletes are surrounded by enablers, according to psychologists. By the time players reach the professional ranks, it isn't uncommon for them to lack real world financial knowledge, as they've never had to take responsibility for such things. Millions being given to someone who was poor might also be an issue. These individuals might just spend it all up. After retirement, most NFL players end up bankrupt. Sports Illustrated estimates this to be about 80 percent of players. Even though $1.87 was the average annual salary for an NFL player last year, MSNBC estimates that 380 players live paycheck to paycheck out of the total 1,700 players. Players who spend too much can have lots of issues, after taxes and agents, especially since rookie averages were at $320,000.

A dissenting voice in support of lockout loans

Sherard Rogers, a financial adviser to a number of NFL athletes, told Yahoo! Sports that lockout loans are a legitimate product that meets player demand. While franchises will endure, players who live to spend can run into trouble.

"Every NFL team was valued at over $1 billion, so they can weather the storm of a lockout. But could players if there weren't resources to cover this short-term labor dispute?" asked Rogers. "The key is to figure out how to solve the short-term liquidity issue and put the pieces in place to ensure they don't have this liquidity issue again."

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