Mike Lindell, owner of MyPillow, stated in a lawsuit that his company took a loan at a staggering 409% annual interest rate, worsening its financial difficulties, according to Yahoo Finance. The lawsuit, involving 18 other entities, accuses Cobalt Funding Solutions and Streamline Advance of racketeering.
The $1.6 million loan agreement, made in September, requires significant repayment due to the high interest. MyPillow also faces accusations of defaulting on loans, including $600,000 in October and $2 million in July, with both cases pending in New York.
Lindell, known for his outspoken political views, has faced defamation lawsuits from voting system companies and controversies surrounding the 2020 election claims.
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