Mike Lindell says 'cash-strapped' MyPillow took $1.6 million loan from payday lender at 409% interest

[Demovictory9]

https://finance.yahoo.com/news/mike-lindell-says-cash-strapped-200203638.html

MyPillow and Mike Lindell say in a lawsuit that they were deceived by a corporate payday lender.

The lawsuit says "cash-strapped" MyPillow borrowed $1.6 million at a 409% annual interest rate.

Lindell has said he doesn't have any money, and at least three MyPillow loans have ended up in court.

[jls4561]

1. Watch your kneecaps, Mikey!

[no_hypocrisy]

2. Usury is not protected in law.

[SWBTATTReg]

3. Couldn't happen to a better guy...I hope he suffers. It's funny that his good ol' buddy djt is nowhere in the picture.

Wonder if that means anything?

[Demovictory9]

4. Trump hasnt made Lindel fed chairman yet?

[louis-t]

5. Hey, maybe he can ask Leon for a loan.

Oh wait, the interest rate would be 500%.

[ProfessorGAC]

6. Yeah, Sure

409% of nothing is still nothing.
I don't believe anybody is lending millions on a business already WAY underwater, even at this preposterous interest rates because if he pays half, they're still out the other half. The interest doesn't matter if the lender never gets the principal back.
I suppose it raises the stakes in BKO.

[allegorical oracle]

11. This sounds like BS to me. He's an idiot whose business failed. He must be dealing with

Russian oligarchs and needs to stay on the first floor of any/every building.

[ProfessorGAC]

12. Same Page

We know he lies, and we know he believes his own lies.
No reason to believe him now.

[FarPoint]

7. Predictably.....

This will NOT end well....

[jmowreader]

8. Y'know Mike...

...if you're reduced to loan sharks to get the money you need to keep your business afloat, closing it or selling it MIGHT be a good idea. I mean, another company that makes pillows might be willing to buy Lindell's factory in Shakopee, MN, or go in with two or three other home goods companies to buy it. (He has a 70,000-square-foot combination factory and distribution center.)

[Brother Buzz]

10. It should have been turned over to the employees years ago

Mikey whispered this a long time ago, when started veering into the weeds with his woo-woo crap, but I guess the cash cow was just too hard to let go of.

I suspect his employees are totally demoralized with a wackadoodl at the helm

[Turbineguy]

9. They must have seen him coming.

[bluesbassman]

13. If someone lent him $1.6mil at 409% then there were two idiots involved in the transaction.

That transaction never happened. Nobody believes the BS you peddle anymore Mike.

[Blue Owl]

14. And he then goes and licks tRump's toilet even harder

[ProudMNDemocrat]

15. Mike Lindell failed at MATH among other things.

Serves him right.
409% on $1.6 million?

[DFW]

16. Don't forget--Gilbert and Sullivan did a song about Lindell:

[BoRaGard]

17. Sounds like Lindell went to The Felon's G.O.P. Business College

Since The Felon (R) has screwed over every business he ever touched.

[Jacson6]

18. My claim that I didn't have any money didn't stop Discover Bank from suing me.

The judge gave me a chance at a status conference to settle before a hearing on the matter. I settled for 75% of the balance due with no interest.

It is just the way that capitalism and the American economic system works.

[Hekate]

19. Lindell can join Giuliani holding a tin cup and cardboard sign on a street corner. No sympathy here.

You knew Trump was a pit viper when you picked him up.
Everything Trump Touches Dies

[ecstatic]

20. maybe eLoon will help?

[LetMyPeopleVote]

21. This was a very stupid move