https://www.rawstory.com/mike-lindell-loan/
MyPillow CEO Mike Lindell’s company has refused to repay a loan that includes 360% interest fees.
According to The Minnesota Star Tribune, Lindell’s company took out the $600,000 loan during a cashflow panic last month. MyPillow agreed to pay $16,000 a month in interest as a part of the contract.
A lawsuit filed last week claimed that the loan was “usurious, unconscionable and thus unenforceable,” and said it should be thrown out by Carver County District Court.
Although usury laws typically cap interest rates for loans, the agreement with Lifetime Funding and CapSpot Financial was structured as a purchase of unpaid MyPillow invoices to get around the restriction.
The lawsuit described MyPillow as “a cash-strapped business that needed funds quickly.”
I’m confused. I thought Mike Lindell, the “MyPillow” guy, was a brilliant businessman and a close friend of Trump. How is it that Lindell and his company are now broke? If Lindell needed $600,000, why didn’t his good friend Trump help him out?
Remember: Lindell is the guy who toured the US, telling his audiences he had absolute proof that the 2020 election was stolen from Trump, yet, he never produced one single piece of evidence.