Side hustle gone wrong?! Why in the world would anyone think it’s a good idea to get involved with loan sharks?! And I’m a little confused as to why 2 NFL players would need to borrow money? And why they would make THIS deal?! This whole story is just ridiculous to me. SMH. NFL stars Major Wright & Terrance Williams are now being sued for money that they borrowed with a CRAZY interest rate.
Check it out…
*PHOTO ABOVE IN GALLERY*
Via TMZ:
NFL stars Major Wright and Terrance Williams just got into serious heat over their side hustle — AFRICAN DIAMONDS — and now they’re being chased down by a couple of scary loan sharks.
Here’s the short of it … when they’re not playing ball, Wright and Williams operate a diamond trading company called TDW Diamonds, and allegedly borrowed $75,000 last year in order to purchase raw South African diamonds (ranging from 21-31.5 carats).
Problem is … the lenders are saying they still haven’t been repaid, and the interest rate is borderline mafia-level.
According to their lawsuit, lenders Jimmy Michel and Marc Geffrard claim Wright & co promised to repay the loan PLUS 100% interest by March 2012 … a total of $150,000 … but that never happened.
It’s now been more than a year and Michel and Geffrard say they still haven’t been paid. They’re suing for the full $150,000 plus even more interest.
P.S. — the loan sharks are gonna get screwed because under Florida law, if anyone charges more than 18 percent on a loan, they forfeit their right to collect any interest at all. So, by (allegedly) signing a dumb contract, the two footballers may have outsmarted the sharks in the end.
