MyPillow owner Mike Lindell said in a lawsuit this week that his company took on a loan at an annual interest rate of 409%, contributing to the company’s dire financial straits, according to a report.
The suit is accompanied by 18 other corporate entities that say Cobalt Funding Solutions and another company involved in the loan, Streamline Advance, committed racketeering, according to Yahoo Finance.
The agreement for the loan was reached in September for $1.6 million, which would require a significant payback at a 409% annual interest rate.
MyPillow was recently involved in a few court cases related to finances, according to the report, including accusations of defaulting on a $600,000 loan in October and a $2 million loan in July.
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Both cases are still pending in New York.
Lindell has been a colorful character…
