Adrian Peterson ordered to pay $2.4 million after defaulting on a loan

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Stop us if you’ve heard this one before. Actually, you have heard this one before: Adrian Peterson has defaulted on a multi-million-dollar loan.

You’ve heard it before and you’re hearing it again, because Peterson has now been ordered by two different courts in two different states to pay the balance of two mullti-million-dollar loans taken out in 2016.

Holden Wilen of the Baltimore Business Journal reports that a Maryland judge has ordered the Washington running back to pay roughly $2.4 million after Peterson defaulted on a loan from Democracy Capital Corp., a Montgomery County lending service.

Per the report, Peterson borrowed $4 million in April 2016, the spring before his last year in Minnesota. Peterson initially failed to make the first $200,000 payment in July 2017, pushing the interest rate from 15 percent to 23 percent. Peterson also failed to pay the loan in full when it matured in February 2018.

Peterson paid $1.65 million in July 2018, and another $50,000 in late December. A court order entered last month requires Peterson to pay roughly $2.4 million.

Coincidentally, Peterson borrowed $2.4 million in May 2016 from another lending institution, defaulting only five months later. Eventually, a Minnesota court ordered Peterson in October 2017 to pay roughly $600,000.

Peterson signed a two-year, $5 million deal with Washington earlier this year. The deal includes $1.5 million in guaranteed money, and incentives of up to $1.5 million per year.

In 10 years with the Vikings, Peterson earned $94 million. He made another $3.5 million in 2017 with the Saints and Cardinals, and $1 million last year in Washington.

With 13,318 rushing yards, Peterson ranks as No. 8 on the all-time list. He’s 783 yards away from passing Hall of Famer Curtis Martin for the fifth spot on the all-time list.

Peterson still aspires to become the league’s all-time league rusher. He needs 5,037 yards to get there; even though he’s 34, it wouldn’t be wise to bet against him.

76 responses to “Adrian Peterson ordered to pay $2.4 million after defaulting on a loan

  1. Are you saying he’s broke already? Not even retired yet and maybe needs to get a second job to pay the bills?

  2. “Peterson signed a two-year, $5 million deal with Washington earlier this year. The deal includes $1.5 million in guaranteed money, and incentives of up to $1.5 million per year.

    In 10 years with the Vikings, Peterson earned $94 million. He made another $3.5 million in 2017 with the Saints and Cardinals, and $1 million last year in Washington.”

    Is there anybody out there that feels sorry for him, anybody?

  3. $2.4 million at 15 and then 23 percent? I’m no financial wizard, but those rates reflect a troubling financial record, amirite?

  4. Geez where does all that $ go? I know it’s been a while since he’s made big $ but now he’s playing not just to get the record but to eat.

  5. 23% is credit card interest. Are we sure the courts are looking at the right miscreant? They are loan sharks and he is incapable of holding onto his money or the football in key situations.

  6. I don’t understand how these guys can be so dumb and irresponsible without someone telling them, “hey, you’re dumb and irresponsible; you should hire a professional to manage your money.” Maybe someone does tell them and they just don’t listen.

  7. You pay these athletes huge sums of money and what do they do with it ?….Throw it away !..like kids in a candy store….and then have NOTHING when they retire !…Many people cannot handle large sums of money and have no idea of how to manage same.We see this happen everywhere in the sports world and also with State lottery winners.

  8. He took out a loan at 15% interest that went to 23% interest? His credit score might be minus zero if that’s the lowest interest rate that he could find

  9. Some NFL players actually do live check to check like normal people SMH

    Made 93 Million but getting loans 🤔
    – Child support
    – and living above means
    – not being smart with money

    All led to this

  10. So he made almost $100 million while playing for the Vikings yet needed a loan? Nuff said right there

  11. I’d bet against him, simply because no one is going to give him the chance to gain 5K+ yards, there are too many young studs out there that are cheaper and will stay healthier.

  12. Yeah he’s not going to get 5k more yards at 34, I’m betting against him.

  13. Why is somebody, who at the time had earned over $50 million dollars , taking out loans ?

  14. He may be less stupid than we think. Think about it. This is a guy that demanded… AND GOT… more money because he felt “disrespected” when he got caught smoking weed while he was on the “Commissioner’s Exempt” list for beating his kid with a stick.

  15. AP is apparently as dumb as a post. He’s also a child abuser and obviously has no clue about how to handle money. At one time he was a hell of a football player, but that’s about all we can say for him.

  16. The dumb just keeps piling up with this guy. At least he’s still worshipped in Minnesota. He’s got that going for him.

  17. I can’t believe the Vikings wasted a decade of this guys talented career. And not once did they put an ounce of talent around him. Ridiculous.

  18. This is how these guys go broke so fast. They don’t save anything and can’t spend the money fast enough. They end up taking out these sorts of loans against their future salary. Then one day the big paychecks run out but there’s still all sorts of bills left to pay.

  19. “23% is credit card interest.”

    Yeah credit card rate for people with bad credit.

    “How do you make almost 100 mill in your career and be broke?”

    I think its safe to say he’s not very smart. Stupid people do not understand how to manage money. That was wealth he and the next several generations of his family could have lived on if he had managed it and had it invested properly.

  20. so clearly he has terrible credit if they’re offering a millionaire rates of 15-23%…..what’s more troubling is he has made roughly 50 million after tax in his career not counting endorsements…..how the hell is he broke??? is he buying castles like nick cage or something….smh

  21. SpencerT says:
    July 2, 2019 at 10:40 am
    I can’t believe the Vikings wasted a decade of this guys talented career. And not once did they put an ounce of talent around him. Ridiculous
    Zzzzzzzzzzzzzzzzzzzz

    He had plenty of talent around him. He was a boat anchor on some very good Viking teams.

  22. EZWriter says:
    July 2, 2019 at 10:10 am
    Great football player, morally degenerate human being. ZERO redeeming qualities. None.
    *************
    ZERO redeeming qualities is fitting. It equals the same number of Championships the Vikings have won in their entire existence. It was almost like the two were made for each other.

  23. SpencerT says:
    July 2, 2019 at 10:40 am
    I can’t believe the Vikings wasted a decade of this guys talented career. And not once did they put an ounce of talent around him. Ridiculous.
    ~~~~~~
    Yes, I know. The Vikings had an extremely talented, though morally challenged, Hall of Fame running back for 10 seasons and refused to help him out.
    One playoff win in his entire career is an embarrassing disgrace.

  24. The bank in Minnesota (Edina Minnesota) was a shady bank. I believe the only collateral Adrian offered in his 2016 loan was his non guaranteed $17 million salary from the Vikings. Instead he was released by the Vikings and was unable to pay the loan.

    Here is what they say about the credit company that loaned him money last year. These guys are almost like a day loan joint charging high interest to people unable to access credit from conventional sources.

    QUOTE:
    BETHESDA, Md., Feb. 17, 2016 /PRNewswire/ — James Plack, former CEO of American Bank, and J.R. Schuble, the bank’s former chairman, today announced that they had formed Democracy Capital Corporation (DCC), a boutique specialty lender that will specialize in all types of small-balance commercial loans including niche real estate loans, bridge loans and loans to professional athletes.

    Headquartered in Bethesda, MD, Democracy Capital Corporation’s loans will typically range from $50,000 to $10,000,000. Its clients will be professional athletes, business owners and commercial real estate experts in need of transitional financing. Clients may have previously been turned down for a traditional bank loan because of the uniqueness of the collateral, the type of loan, or due to the need for quick funding.

    Democracy Capital will also provide long-term financing when bank financing is not available.

  25. stellarperformance says:
    July 2, 2019 at 10:20 am
    The dumb just keeps piling up with this guy. At least he’s still worshipped in Minnesota. He’s got that going for him.
    —————
    Most fans in MN with a clue don’t care for the guy. Considering your fanbase loves them some Mark Chmura, you should remember every team has these guys in their history.
    That being said is anyone surprised he went broke? Who knows how many kids he has and reckless spending. All I know is in about 3-5 years I will book him for autograph signings because it will be cheap and be an easy money maker for my business.

  26. Peterson still aspires to become the league’s all-time league rusher. He needs 5,037 yards to get there; even though he’s 34, it wouldn’t be wise to bet against him.
    __________

    How does this statement follow from the rest of the story? The only way it makes sense is if you’re concluding that he’s going to play forever because he needs the money. You’re forgetting that someone has to want to pay him.

  27. Peterson still aspires to become the league’s all-time league rusher. He needs 5,037 yards to get there; even though he’s 34, it wouldn’t be wise to bet against him.
    ……….
    I definitely think it’s still possible, as long as nothing impedes his usual flow of HGH that has made his career as successful as it’s been.

  28. RMoss84HOF says:
    July 2, 2019 at 12:48 pm
    stellarperformance says:
    July 2, 2019 at 10:20 am
    The dumb just keeps piling up with this guy. At least he’s still worshipped in Minnesota. He’s got that going for him.
    —————
    Most fans in MN with a clue don’t care for the guy. Considering your fanbase loves them some Mark Chmura, you should remember every team has these guys in their history.
    That being said is anyone surprised he went broke? Who knows how many kids he has and reckless spending. All I know is in about 3-5 years I will book him for autograph signings because it will be cheap and be an easy money maker for my business.
    ……………….
    Don’t play that way, you guys own him.
    You all welcomed him back with open arms after he seriously abused one of his young children, and even allowed him to play the victim in the situation. Any given Sunday, there’s literally thousands of Peterson jerseys filling Bank-whatever stadium.
    And it’s really cute how you refer to your rummage sales as your “business.”

  29. The child beater comments are getting old plus they’re all ill informed. Montgomery County Texas had to convene two grand juries in the Peterson child abuse case as the first grand jury refused to indict Adrian Peterson. Needless to say it’s highly unusual that a district attorney would convene a second grand jury because he didn’t like the decision of the first grand jury. Plus they (the DA) get to refine their case with the “try again” Grand Jury.

    But the first Grand Jury disagreed totally that Peterson had committed any crime against his child.

  30. The guy rented a damn camel for his birthday party — the financial problems should come as absolutely no surprise.

  31. It sounds like Peterson got use to living on his big $16 million a year salary and when that ended tried making up the difference with loans. I’ve seen this at everysalary level. I see the business exec who had a $200,000 income lose his job and can’t get something comparable but still trying to live like he’s making $200,000.

  32. I am far from being a Patriots fan, but maybe he should have talked to Gronk about money management. It might have helped. No excuse for this.

  33. Just wait until he stops playing but has to continue with the child support payments. It’s not like he can go into broadcasting or get any endorsements….

  34. ragnarthegreat says:
    July 2, 2019 at 8:09 am
    23% is credit card interest. Are we sure the courts are looking at the right miscreant? They are loan sharks and he is incapable of holding onto his money or the football in key situations.
    ——————-

    23% is based on the risk the lender is taking. If you wish to loan Adrian Peterson money at a rate that a good credit risk could get, then please do it.

    But I think you will be a miscreant and decline because 23% of zero is zero. That’s how the world works. If you are good at getting a loan and are not good at repaying the loan, you will need to be charged a very high rate otherwise you will no longer be in the loan market.

    Then miscreants will cry and say that the poor Adrian Peterson’s of the world should be able to get a loan. They will ask their bleeding heart government officials to step in and create a wonderful program like the Affordable Housing lending by Fannie and Freddie to people with bad credit for more than properties were worth.

    Then when it all blows up you blame the lenders. Pathetic.

  35. Peterson still aspires to become the league’s all-time league rusher. He needs 5,037 yards to get there; even though he’s 34, it wouldn’t be wise to bet against him.
    ======================================================================================

    Bet with him or against him but whatever you do, don’t lend him money.

  36. When you can’t use your phony charity as your own personal checking account anymore, you have to resort to these high interest loans.
    HGH, Hookers and Hotel Rooms are expensive.
    Not to mention any future children who’ll need financial support, and unfortunately, discipline. Yikes!!!

  37. Outhouse31- sorry I don’t run any rummage sales bud. But if your that concerned about my money feel free to ask my guy at UBS about it. I know it’s not the Green Bay standard of using the dude who has a computer at Culver’s standard but I do okay.

  38. Outpost31 says:
    July 2, 2019 at 7:44 pm
    When you can’t use your phony charity as your own personal checking account anymore, you have to resort to these high interest loans.
    HGH, Hookers and Hotel Rooms are expensive.
    Not to mention any future children who’ll need financial support, and unfortunately, discipline. Yikes!!!
    ——-
    Yeah why pay for hotel rooms when you can just go after your friends daughters like your hero Chmura! Both players are scum.

  39. RMoss84HOF says:
    July 2, 2019 at 8:17 pm
    Outpost31 says:
    July 2, 2019 at 7:44 pm
    When you can’t use your phony charity as your own personal checking account anymore, you have to resort to these high interest loans.
    HGH, Hookers and Hotel Rooms are expensive.
    Not to mention any future children who’ll need financial support, and unfortunately, discipline. Yikes!!!
    ——-
    Yeah why pay for hotel rooms when you can just go after your friends daughters like your hero Chmura! Both players are scum.
    ……………….
    Yeah, only the Packers decided to part ways with Chmura once allegations of misconduct surfaced.
    The Vikings, not only welcomed back Peterson with open arms, they allowed him to play the victim and gave him a raise for the inconvenience of his league mandated suspension.

  40. He needs 5,037 yards to get there; even though he’s 34, it wouldn’t be wise to bet against him.

    Really? The banks bet on him…………………..

  41. TheDPR says:
    July 2, 2019 at 8:18 am
    I don’t understand how these guys can be so dumb and irresponsible without someone telling them, “hey, you’re dumb and irresponsible; you should hire a professional to manage your money.” Maybe someone does tell them and they just don’t listen.

    Sometimes the professionals they hire to manage their money defraud them as well.

  42. stellarperformance says:
    July 2, 2019 at 10:20 am

    “At least he’s still worshipped in Minnesota. He’s got that going for him.”

    You couldn’t be more wrong. EVERY ONE of my football watching buddies here in Minnesota disliked his stupid, ungrateful comments and his child-beating, and felt he had worn out his welcome long before they actually booted him (“went in a different direction”). Most of us don’t even want him to retire a Viking.

  43. Seriously, the fact that the NFL (or any of the major sports leagues) don’t require their players to hire accredited money managers and insist that they put aside x % of their salary is beyond me.

    A 34 year old man who’s made $100m in his career should never even think of having to take out loans.

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