It is harder for athletes to get a loan

Footballer’s credit is like a penalty shot. A large goal, 11 meters, theoretically simple thing, but … not every shot ends in a goal. It is similar with credit. Even high income does not guarantee that a player or other athlete will receive money from the bank.

None of the banking institutions


Has special procedures and guidelines on how to treat this chosen professional group, which are footballers. Therefore, many banks try to verify income and apply procedures in the same way as for an employment contract or managerial contract. Meanwhile, athletes sign contracts for several years with a guaranteed amount, and bonuses for goals scored or matches played can be an additional component of remuneration.

At this point, you can find some similarities with the managerial contract, but the athlete’s career lasts much shorter and often this is the problem that arises when granting a loan. A short-term career and a possible, radical decrease in income may mean problems paying back the loan several years after it was granted.

In the opinion of many banks, the risk is too high and the athlete cannot count on any credit. Some institutions refuse to grant a loan, e.g. for 30 years, suggesting taking it for 10 or 15 years. Another reason why a loan for an athlete is not willingly granted is the risk of injury and the premature termination of his career. However, some banks are willing to accept this threat, but only if they have taken out a life insurance policy. Of course, such insurance will be much more expensive than in the case of a “standard” customer, which can significantly increase the entire cost of financing the transaction.

Known easier

However, there are some institutions that nevertheless are willing to bend over such clients and, after careful consideration, grant credit. Certainly, it is much easier for well-known athletes who can document the development and progress of their careers, so it is sometimes worth joining previous contracts to document changes in the club, league or growing income.

It will certainly not hurt, and maybe help, information from the current club about the possible extension of the contract, of course, if such clauses are not included in the current contract. In addition, the chances of getting a loan will also be increased by an additional co-borrower or income from another source. As with any customer, the bank will be willing to grant a loan if it makes a deposit.

Individual decisions

Obtaining a loan by an athlete can therefore be a big challenge. However, documenting sustainable development can help and authenticate the player in the eyes of the bank. However, much depends on the individual assessment of the decision makers. Fortunately, the decision on the grant of credit is not made as at the European Championships in 1968 in the semi-final duel of the Italians with the representation of the USSR.

Carol Crabtree