MyPillow CEO Mike Lindell Claims He Was Duped Into ‘Borrowing’ $1.6 Million At 409%

MyPillow CEO Mike Lindell has sued financial services companies, claiming that his corporation was tricked into “borrowing” $1.6 million at a 409% annual interest rate.

The lawsuit, filed in Minnesota, claims Lindell’s lawyers allege that instead of providing him the loan he asked for to save MyPillow, the companies duped him into taking more money than he would be able to pay back.

The two small financial services firms gave Lindell a merchant cash advance – an agreement that allows for the bypass of laws that limit interest rates on business loans –  when the company was particularly strapped for cash. Merchant cash advances are specifically designed for companies that are desperate for funding.

The agreement Lindell called for MyPillow to make 50 daily payments of a little over $45,000, which would amount to a total of $2.3 million once fulfilled, but Lindell’s lawyers claim in the lawsuit that the conditions of the loan were purposefully unclear and intended to be misinterpreted.

Financial troubles have long been a challenge for MyPillow. In 2022, Lindell borrowed $10 million for the company and was abandoned by his lawyers when he was unable to pay them.

More recently, in October, Lindell and MyPillow were accused by the company Lifetime Funding of failing to pay back a $600,000 loan just a month after getting it. One week later, the company Shine Capital Group sued MyPillow with allegations that they were never paid back a $2 million agreement they made with Lindell in July.

As a longtime vocal advocate for Donald Trump, Lindell’s political claims have also taken a toll on MyPillow financially. An avid believer that the 2020 election was stolen from Trump, Lindell owes a man who won his Prove Mike Wrong contest $5 million, as Lindell failed to present viable evidence of the stolen election.

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