MyPillow’s Lindell Takes 409% Interest Loan, Facing Mounting Financial Troubles
MyPillow, facing significant financial difficulties, is suing Cobalt Funding Solutions and Streamline Advance for racketeering, alleging deceptive lending practices. The lawsuit claims MyPillow was tricked into a $1.6 million loan with a 409% annual interest rate, exacerbating the company’s already precarious financial state. This is at least the third lawsuit filed against MyPillow in recent months concerning high-interest merchant cash advances, highlighting the company’s ongoing financial struggles. The company’s legal woes are compounded by previous defaults on similar loans and outstanding debts related to Lindell’s election-related lawsuits.
John Q. Hosedrinker