NFL Players Taking Out High-Interest Loans With Dame Dash’s Cousin To Survive The Lockout
“Don’t do it! Reconsider! Read some literature on the subject! You sure? Fuck it.” The cousin of hip-hop entrepreneur Damon Dash is cashing in big time by providing high-risk “lockout loans” with absurdly high interest rates as high as 36 percent to NFL players.
DME Interactive CEO Darien Dash, who settled his $48 million lawsuit against Michael Jackson back in 2007 to the tune of a cool $5 million, is in charge of one of a handful of boutique lenders which focus primarily on the business of professional athletics.
An investigation by Yahoo Sports has found that players from as many as 16 NFL teams have already begun securing high-interest, short term loans, in anticipation of the NFL lockout. The interest on these loans can be anywhere from 18 to 36 percent, putting them on par with bad credit cards or even payday loan services. In addition, some of the lenders have required players to get insurance policies to cover the loans, in case they’re injured. That can add tens of thousands of dollars to the cost of loans. (source)
