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WNBA Athletes

Contract-Based Financing for WNBA Players

Contract-based financing is a specialized type of financing that allows a borrower to secure funds using a contract as the basis for a loan. For WNBA players, this is often very beneficial as contract-based financing is not dependent on the borrower having a high personal credit-score, income history, or even collateral such as a house. The amount a WNBA player can borrow using an WNBA loan is determined by the type of contract, size of the contract, and the number of years remaining on the contract. With an WNBA player contract in-place, a player can access a percentage of the remaining guaranteed dollars on their WNBA player contract.

What Can a WNBA Player Use a Contract Loan for?

WNBA contract advances are excellent options for players who need funds for various purposes such as:

For offseason funds to bridge the gap between paychecks
For a down payment on a personal residence or investment property
A cash purchase of a home or investment property
Fund Passion Projects and/or off-court investments
Working capital for a business venture
Consolidate high-priced debt and customize the repayment schedule to ensure ideal cash flow

Request Financing

What is the Process to Applying for an WNBA Contract Loan?

Applying for a WNBA Contract Advance is a simple and straightforward process. The first step is to submit a loan request which you can do on our Request Financing page. Once the request has been submitted, potential borrowers will go through the process outlined below:

Pre-Qualification

Upon receiving a loan request, the Sure Sports credit team will review the athlete’s contract and request, to determine eligibility. If an athlete’s contract qualifies him/her for a loan, then terms are provided within 1-2 business days.

Proposed Terms Issued

After accepting the loan terms and submitting a signed term sheet along with a credit and background authorization form, Sure Sports will conduct a credit check on the borrower within 1-2 business days.

Client Signs the Term Sheet

Application Process

The required documents for loan application will be requested within 1-2 business days after receiving the signed term sheet.

Underwriting

The length of the underwriting process is determined by the complexity of the loan and can be as little as 3-5 business days and up to two weeks in some cases.

Credit Decision

At the conclusion of the underwriting process, your loan will either be approved with final terms, declined, or receive a request for additional information.

Loan Documents Drafted

Once final approval has been provided, loan documents are drafted which may take 1-2 business days.

Closing & Funding

The timeline from receiving a full file to closing/funding ranges from 1 week for private-line loans to 2-4 weeks for bank-line loans.

Contract-Based Financing Repayment Terms for WNBA Players

Benefits of Contract-Based Financing With Sure Sports

Most traditional banks are reluctant to provide an unsecured contract-based loan to WNBA players, leaving these players with few options but to take out high-interest rate loans from private lending companies or sell a percentage of their future earnings to meet current obligations.

Working with Sure Sports, WNBA players have access to the speed and ease of working with private lenders where funds are often available in as little as 48 hours following approval. In addition, thanks to Sure Sports relationships with bank partners across the country, WNBA players are also able to qualify for unsecured contract-based loans with traditional banks. This access is unique, and due in part to Sure Sports’ deep understanding of the sports and banking industries, as well as relationships in these industries that span decades. The flexibility to provide both private and bank loans to WNBA players truly sets Sure Sports apart from other companies in this space.

When a WNBA player is looking for capital, regardless of the use of funds, discretion is extremely important. Confidentiality is at the forefront of every Sure Sports loan request. In addition, WNBA Players or their advisors will work exclusively with Sure Sports from the initial request until the loan is paid off. This ensures a seamless experience for WNBA players and their advisors throughout the entire process.

What about WNBA Free Agents?

Since a contract loan requires a valid contract to lend against, WNBA players who are free agents are not eligible for a Contract Loan. However, Sure Sports has a specialty product that can help these players with their financing needs as well. Using the player’s Future Market Value, Sure Sports offers a bridge loan that enables players to bridge their income gap without the requirement of making loan payments.

WNBA Player Contract-Based Financing

Case Study

The AskThe details of the request we received from the athlete
The SolutionHow we broke things down and tackled the request
The ResultThe final outcome and the success we achieved

Sure Sports received a request from a WNBA player looking for funds to consolidate some high-priced debt.

The player had one year remaining on her contract and was looking to pay off all of her outstanding debt by consolidating and lowering the interest rate.

The player’s outstanding debt was approximately 23% of the remainder of her contract value, which falls within Sure Sports credit guidelines.

Sure Sports proposed unsecured contract-based financing using the player’s WNBA contract.

RESULT

Sure Sports was able to assist the WNBA player in consolidating high-priced debt through an unsecured contract advance. In doing so, the WNBA player lowered her effective interest rate / interest expense, as well as significantly lowered her monthly payments through the consolidation which ultimately improved her monthly cash flow.

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