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

[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

[DJ Synikus Makisimus]

1. Chili Palmer gonna break Mike's legs if he doesn't pay?

Politicians deregulating the "payday loan" industry made loansharking legal. Usury used to have a cap.

[ornotna]

2. Did they put a gun to his head?

[lame54]

3. Why isn't this guy destitute...

Rich Republicans can't seem to go broke no matter how foolish they are with their money

[allegorical oracle]

4. Gee, TSF must disappointed that he already named the Treasury Secretary. If he

had waited, he could've tapped Lindell. He'll probably name Mike an ambassador, maybe to China.

[BeerBarrelPolka]

6. Trump

Trump was too busy tapping someone else. And it wasn't Melania.

[Shermann]

5. They'd surely offer a standard predatory payday loan to any other company for a nice even 400%

The extra 9% must be a douchebag tax on having to deal with Mike. Or maybe it's a humorous nod to Herman Cain's 9-9-9 plan?

[onenote]

7. Such a sophisticated businessman....

[OAITW r.2.0]

8. Trump could give this idiot a sole contract to supply the USG pillows and bedsheets I would presume. Problem solved.

[milestogo]

9. Sounds like someone Trump should appoint for a finance job

based on his remarkable good judgment.

[Iggo]

10. You'd think that'd be illegal.

[GreenWave]

11. Is that loan compounded semi-daily?

[sakabatou]

12. *takes out my angstrom-scale violin*

[RoeVWade]

13. A fool and his money are soon....

parted.

[keithbvadu2]

14. He was savvy enough to build up a multi-million$ company and signed this loan?

His track record indicates he would sign anything to get the money with no real intention of paying it back.

With his track record, how could a loan company give him money with no collateral or co-signer?

[Skittles]

15. LOL

RIGHTWING ASSHOLES PIMP FOR BULLSHIT LIKE THIS

IT IS DEMOCRATS WHO WANT REFORM

WAKE THE FUCK UP, MIKE