Pro Player Funding says it’s no longer issuing the type of high-interest loans it gave to a number of football players during the NFL lockout.
According to a spokesman for Platinum Partners, a New York based hedge fund of which Pro Player Funding LLC is a subsidiary, the loans were nixed because of “a returns issue.”
The spokesman declined to comment any further.
The company has filed lawsuits against seven people in New York state in the past year after loans of more than a million dollars were not repaid on time. The loans carried interest rates between 18 and 24 percent.
Former first-round draft pick Vince Young filed a suit last week against the company claiming they gave the loan without his knowledge or consent.