Report: Vince Young being sued for failing to repay lockout loan
According to TMZ.com via BlackSportsOnline.com, Buffalo Bills quarterback Vince Young is being sued by Pro Player Funding, since he owes them $1.69 million after taking out a lockout loan last season.
“Vince Young is in trouble … the struggling NFL star is on the hook for $1.69 million … after failing to pay back a high risk, high interest “lockout loan” that he took out back when he was a member of the Tennessee Titans … this according to court docs.
“According to court docs obtained by TMZ, Vince went to Pro Player Funding in May 2011 — during the middle of the NFL lockout — and took out a loan for $1.876,876.88. PPF is a company which specialized in “lockout loans” for NFL guys looking to cover their bills during the pay freeze.
“Young’s loan was VERY high risk … with high interest rates and a clause that allowed PPF to call in the entire amount due, plus interest, if Vince missed ONE payment.
“And according to court docs, that’s exactly what happened in May 2012 … right after Young left the Philadelphia Eagles and signed a new deal with the Buffalo Bills, he missed his payment.
“PPF instantly went to the court and obtained a judgment against Young … ordering the NFL star to pay back the remaining balance on his loan … plus interest … totaling $1.69 million,” TMZ reported.