Startup DreamersStartup Dreamers
  • Home
  • Startup
  • Money & Finance
  • Starting a Business
    • Branding
    • Business Ideas
    • Business Models
    • Business Plans
    • Fundraising
  • Growing a Business
  • More
    • Innovation
    • Leadership
Trending

Dana White’s Huge Jon Jones Announcement Makes 3 Things Very Clear

June 22, 2025

Why New Tax Rules Could Be a Game Changer for Your Business

June 22, 2025

Take These 3 Steps to Shorten Your Sales Cycle

June 22, 2025
Facebook Twitter Instagram
  • Newsletter
  • Submit Articles
  • Privacy
  • Advertise
  • Contact
Facebook Twitter Instagram
Startup DreamersStartup Dreamers
  • Home
  • Startup
  • Money & Finance
  • Starting a Business
    • Branding
    • Business Ideas
    • Business Models
    • Business Plans
    • Fundraising
  • Growing a Business
  • More
    • Innovation
    • Leadership
Subscribe for Alerts
Startup DreamersStartup Dreamers
Home » Mike Lindell, MyPillow Suing Corporate Payday Lender
Money & Finance

Mike Lindell, MyPillow Suing Corporate Payday Lender

adminBy adminDecember 12, 20240 ViewsNo Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email

This story originally appeared on Business Insider.

Mike Lindell, the owner of MyPillow, says his company was duped into borrowing $1.6 million at a 409% annual interest rate, the latest sign of financial distress for the far-right pillow salesman.

Lindell, MyPillow, and 18 other corporate entities claim Cobalt Funding Solutions and another company involved in the loan, Streamline Advance, engaged in racketeering by extending a high-interest merchant cash advance — essentially a payday loan for businesses.

The lawsuit says Cobalt, Streamline, and two men named as defendants “took advantage” of MyPillow, “a cash-strapped business that needed funds quickly.” It adds that the September agreement to borrow nearly $1.6 million was stacked against MyPillow and risked ruining the company.

The lawsuit was first reported by Law.com on Tuesday.

It’s at least the third case filed in recent months involving MyPillow and merchant cash advances. In October, a company called Lifetime Funding said Lindell and his companies defaulted on a $600,000 advance barely a month after borrowing it. About a week later, another company, Shine Capital Group, filed a suit saying they defaulted on a $2 million deal signed in July.

Both cases are pending in New York. MyPillow has sought dismissal of the Lifetime case by arguing that the deal’s interest rate was so high that it violated state law.

MyPillow and Lindell have been struggling for years. They borrowed $10 million in 2022 and were dumped by lawyers after they couldn’t pay their legal bills. Earlier this year, Lindell told NBC News he didn’t have any money and was down to his house and his truck.

The use of merchant cash advances, typically used by struggling businesses with no other options, is a sign that the situation has worsened.

Lindell has also been sued several times related to his political claims. He has insisted for years that the 2020 election was stolen from Donald Trump and owes more than $5 million to a man who won his “Prove Mike Wrong” contest by showing that his supposed evidence that the election was stolen didn’t actually prove anything.

Lindell, Streamline, and Cobalt didn’t immediately respond to requests for comment.

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

Why New Tax Rules Could Be a Game Changer for Your Business

Money & Finance June 22, 2025

What Is ‘Doom Spending’ and Which Generation Falls for It?

Money & Finance June 20, 2025

Mom’s Side Hustle Made $30k in 2 Months, Then $500k a Year

Money & Finance June 19, 2025

Best U.S. Cities for Jobs That Afford Comfortable Lifestyles

Money & Finance June 17, 2025

Why Every Small Business Owner Should Consider Real Estate — Even Without Deep Pockets

Money & Finance June 15, 2025

Inside ‘Culture Shock’ at Goldman Sachs, ‘Black Capitalism’

Money & Finance June 14, 2025
Add A Comment

Leave A Reply Cancel Reply

Editors Picks

Dana White’s Huge Jon Jones Announcement Makes 3 Things Very Clear

June 22, 2025

Why New Tax Rules Could Be a Game Changer for Your Business

June 22, 2025

Take These 3 Steps to Shorten Your Sales Cycle

June 22, 2025

I’m So Glad My Company Never Went Viral — Here’s Why

June 22, 2025

This AI Model Never Stops Learning

June 22, 2025

Latest Posts

Answer Engine Optimization (AEO) — What Brands Need To Know

June 20, 2025

What Is ‘Doom Spending’ and Which Generation Falls for It?

June 20, 2025

How to Build a Tech-Forward Company That Lasts

June 20, 2025

Still Saying ‘I’ll Just Do It’? That’s Why You’re Stuck

June 20, 2025

Companies Warn SEC That Mass Deportations Pose Serious Business Risk

June 20, 2025
Advertisement
Demo

Startup Dreamers is your one-stop website for the latest news and updates about how to start a business, follow us now to get the news that matters to you.

Facebook Twitter Instagram Pinterest YouTube
Sections
  • Growing a Business
  • Innovation
  • Leadership
  • Money & Finance
  • Starting a Business
Trending Topics
  • Branding
  • Business Ideas
  • Business Models
  • Business Plans
  • Fundraising

Subscribe to Updates

Get the latest business and startup news and updates directly to your inbox.

© 2025 Startup Dreamers. All Rights Reserved.
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

Type above and press Enter to search. Press Esc to cancel.

GET $5000 NO CREDIT