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

[Eugene]

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

• MyPillow and Mike Lindell claim in a lawsuit that they were deceived by a corporate payday lender.
• The lawsuit says "cash-strapped" MyPillow borrowed $1.6 million at a "usurious" interest rate.
• Lindell has said he's broke. At least three MyPillow loans have ended up in court, records show.

MyPillow owner Mike Lindell said his company was duped into borrowing $1.6 million at a 409% annual interest rate, the latest sign of financial distress for the far-right pillow salesman.

Lindell, MyPillow, and 18 other corporate entities claim Cobalt Funding Solutions and another company involved in the loan, Streamline Advance, engaged in racketeering by extending a high-interest merchant cash advance — essentially a payday loan for businesses.

Cobalt, Streamline, and two men named as defendants "took advantage" of MyPillow, "a cash-strapped business that needed funds quickly," the lawsuit said. The lawsuit claims that the September agreement to borrow nearly $1.6 million was stacked against MyPillow and risked ruining the company.

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