All-Star Financing Your Athletes Season.

[cheerjam3]

So, this year my cp wanted to find a new gym after taking a year off. Honestly we just couldn't afford to do it last season. So after visiting gyms and going over finial agreements, one gym had a link to a financial institution where you could take out a small loan and finance your season that way. Are families really doing this? Is this a thing? What are the advantages or disadvantages to doing this?

 

[cheermomforever]

I have never heard of a gym referring anyone to a bank! If u need a loan to pay for any sport then maybe it is not possible.


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[cheergirlbrey]

So, this year my cp wanted to find a new gym after taking a year off. Honestly we just couldn't afford to do it last season. So after visiting gyms and going over finial agreements, one gym had a link to a financial institution where you could take out a small loan and finance your season that way. Are families really doing this? Is this a thing? What are the advantages or disadvantages to doing this?

I've seen this in my area as well. I certainly would be deterred



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[MomOf2ThatsMe]

I'm perplexed as to why this would be necessary. Does the gym expect payment up front?

 

[Pebbles49]

Wow Cheerjam3, this sounds really farfetch and outrageous to take a bank loan to finance cheerleading... my first thoughts after reading your post were, what will be the interest rate on this loan and what are the set terms on this loan, in other words, would you be paying for 2014-2015 cheer season still in 2020....Bottom line, maybe it will be more feasible to have your daughter fundraise to pay for her cheerleading (ex.: mendicant, etc...), instead of the parent including a personal loan on their tab and putting the whole family in debt...Just saying!:sharkchase:

 

[ShannonKe]

My mom had to apply for financial twice this year; once for my college and once for my brother's soccer team. In my opinion if you need 'financial aid' to pay for a sport than it's not worth it. It's a good thing I decided against allstar cheering because this is costing my mother about the same price; over two thousand in 'tuition' for coaches fees, field fees, ref fees, etc and that doesn't include the uniform, warmups, cleats, travel arrangement and some tournament fees. It's crazy.

 

[cheerjam3]

I have never heard of a gym referring anyone to a bank! If u need a loan to pay for any sport then maybe it is not possible.
That's how I feel about it.

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[cheerjam3]

I'm perplexed as to why this would be necessary. Does the gym expect payment up front?[/QUOTE

They didn't expect payment up front, but there are those parents that can't tell there kids "we can't afford it".

 

[oncecoolcoachnowmom]

Yes, loans for cheer!

This way, when your kiddo is 22, Sallie Mae can be after you for not only college but for Amazing All Stars as well. Awesome.

 

[juscheerthatisall]

I don't get this concept isn't the purpose of a loan they give you the money upfront and you pay back in installments? If the gym is allowing you to make payments why would you need a loan with interest...

 

[cheermommaRN]

The only time a family should be financing (loan or 2nd mortgage) is if their child is on an Olympic track...and even then that is scary. Most of the time if they don't the kids have to take endorsements which makes them NCAA ineligible. So it's kind of going "all in" on a bet in Vegas. You either gamble that your kid is good enough and going to bring home a medal thus making tons in endorsements later or gamble they will get a college scholarship and you can use their college money now to pay for their sport.
Shawn Johnson's family took 2 mortgages out on their home to get her to the Olympics.

 

[Just-a-Mom]

They didn't expect payment up front, but there are those parents that can't tell there kids "we can't afford it".

She means (I'm guessing) why would someone need to go to a bank? If the gym has monthly payments then you wouldn't need financing from a bank. You only need a bank loan for something that needs to be paid in full upfront - so you borrow the whole amount, pay the place, and then make monthly payments to the bank.

Why would someone do that when they can just make monthly payments directly to the gym?

Aside from that...This is ridiculous.

Parents: If you need to borrow money from a bank, sell your car, get a 2nd mortgage, let your electricity get cut off because you can't pay the bill because you spent the money on cheer, or any other foolery like this... I'm gonna need you to grow up and get your life together.

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[oncecoolcoachnowmom]

Actually heard once:

"I can't see sending Other Non-cheer Child to Insert College Here with cheer stuff due all the time."

WHAT.

 

[dawgshow]

Actually heard once:

"I can't see sending Other Non-cheer Child to Insert College Here with cheer stuff due all the time."

WHAT.

:bang head:


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[caitlyn_the_camille]

This honestly makes me think of Toddlers and Tiaras (and Honey BooBoo and all that jazz). Those parents would leave the trailer park (not hating on trailer parks; I live in a trailer) in their 91 corollas to go drop 7 grand on a pageant dress, lessons, spray tans, hair... I'm all for doing what you love, but your family's financial security comes first.


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