Adrian Peterson ordered to pay $ 2.4 million after defaulting on loan
Stop us if you’ve heard this one before. In fact, you’ve heard this one before: Adrian Peterson defaulted on a multi-million dollar loan.
You’ve heard it before and you hear it again, as Peterson has now been ordered by two different courts in two different states to pay off the balance of two multi-million dollar loans taken out in 2016.
Holden Wilen from Baltimore Business Journal reports that a Maryland judge ordered the Washington running back to pay about $ 2.4 million after Peterson defaulted on a loan from Democracy Capital Corp., a Montgomery County loan service.
According to the report, Peterson borrowed $ 4 million in April 2016, the spring before his senior year in Minnesota. Peterson initially did not make the first payment of $ 200,000 in July 2017, raising the interest rate from 15% to 23%. Peterson also failed to repay the loan in full when it matured in February 2018.
Peterson paid $ 1.65 million in July 2018 and an additional $ 50,000 at the end of December. A court order issued last month requires Peterson to pay about $ 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 approximately $ 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 made $ 94 million. He earned an additional $ 3.5 million in 2017 with the Saints and Cardinals, and $ 1 million last year in Washington.
With 13,318 rushing yards, Peterson ranks 8th on the all-time list. He’s 783 yards past Hall of Fame Curtis Martin for fifth place on the all-time list.
Peterson still aspires to be the league’s all-time rusher. He needs 5,037 yards to get there; even though he’s 34, it wouldn’t be wise to bet against him.