MyPillow and CEO Mike Lindell say they resorted to $600K in loan shark-like financing

[EvilEyeFleegle]

...and then, he sues the finance company for 'predatory' loan practices? Too funny~

MyPillow and CEO Mike Lindell say they resorted to $600K in loan shark-like financing as judgments mounted

Now, the company and Lindell himself are suing several merchant cash advance companies.

www.startribune.com

MyPillow needed $600,000, and fast. So last month CEO Mike Lindell opted for a merchant cash advance — similar to a payday loan for businesses — and agreed to repay more than $16,000 per day for the cash infusion.
Now the Minnesota company and its founder say the arrangement amounted to an illegal loan with extreme terms, including more than 360% interest and access to employee records.
A lawsuit filed in Carver County District Court last week claims the loan agreement was “usurious, unconscionable and thus unenforceable” and should be tossed out by the court.
The agreement was cast as the purchase of MyPillow’s unpaid invoices but was “merely a sham intended to evade the applicable usury laws,” the lawsuit said. Usury laws cap interest rates for many loans; though the lawsuit was filed in Minnesota, it relies on New York usury laws.
The New York-based financial companies named in the suit, Lifetime Funding and CapSpot Financial, did not immediately respond to requests for comment. A third company named as a defendant, FunderZ, could not be reached.

I note that Lindell calls it a scam....yet...was a willing partner in using the invoice 'work-around' to get the money.
Knowing some of the backers of these predatory loan operators....Mike could be sleeping with the fishes soon~

 

[rampart]

...and then, he sues the finance company for 'predatory' loan practices? Too funny~

MyPillow and CEO Mike Lindell say they resorted to $600K in loan shark-like financing as judgments mounted

Now, the company and Lindell himself are suing several merchant cash advance companies.

www.startribune.com

MyPillow needed $600,000, and fast. So last month CEO Mike Lindell opted for a merchant cash advance — similar to a payday loan for businesses — and agreed to repay more than $16,000 per day for the cash infusion.
Now the Minnesota company and its founder say the arrangement amounted to an illegal loan with extreme terms, including more than 360% interest and access to employee records.
A lawsuit filed in Carver County District Court last week claims the loan agreement was “usurious, unconscionable and thus unenforceable” and should be tossed out by the court.
The agreement was cast as the purchase of MyPillow’s unpaid invoices but was “merely a sham intended to evade the applicable usury laws,” the lawsuit said. Usury laws cap interest rates for many loans; though the lawsuit was filed in Minnesota, it relies on New York usury laws.
The New York-based financial companies named in the suit, Lifetime Funding and CapSpot Financial, did not immediately respond to requests for comment. A third company named as a defendant, FunderZ, could not be reached.

I note that Lindell calls it a scam....yet...was a willing partner in using the invoice 'work-around' to get the money.
Knowing some of the backers of these predatory loan operators....Mike could be sleeping with the fishes soon~

where did trump find thus idiot?.

 

[EvilEyeFleegle]

where did trump find thus idiot?.

In truth, I think the idiots find Trump a lot of the times. He's a bit of an idiot magnet? Like a lot of con men he's vulnerable to other con men, and women.

I was wondering though..if Lindell is alleging that these companies broke the usury laws, and he willingly was complicit, does he realize that he's admitting to a few felonies?

Perhaps, he thinks that because he really, really, REALLY needed the money, he gets a pass?

 

[Crepitus]

where did trump find thus idiot?.

Idiots seek him out.

Like to like, don'tcha know.

 

[EvilEyeFleegle]

Idiots seek him out.

Like to like, don'tcha know.

Yup...the list of villages whose idiots served Trump is quite long~

 

[JLW]

Lindell is a typical MAGA deadbeat. He threw it away all for Trump. He is still unrepentant and would do it again. Hard to feel sympathy for him. Anyway, Lindell has shown his word is trash. Just like Trump fittingly.

 

[zett jett]

So a company disputed a contract. Zooowweeeeee!

 

[Moonglow]

...and then, he sues the finance company for 'predatory' loan practices? Too funny~

MyPillow and CEO Mike Lindell say they resorted to $600K in loan shark-like financing as judgments mounted

Now, the company and Lindell himself are suing several merchant cash advance companies.

www.startribune.com

MyPillow needed $600,000, and fast. So last month CEO Mike Lindell opted for a merchant cash advance — similar to a payday loan for businesses — and agreed to repay more than $16,000 per day for the cash infusion.
Now the Minnesota company and its founder say the arrangement amounted to an illegal loan with extreme terms, including more than 360% interest and access to employee records.
A lawsuit filed in Carver County District Court last week claims the loan agreement was “usurious, unconscionable and thus unenforceable” and should be tossed out by the court.
The agreement was cast as the purchase of MyPillow’s unpaid invoices but was “merely a sham intended to evade the applicable usury laws,” the lawsuit said. Usury laws cap interest rates for many loans; though the lawsuit was filed in Minnesota, it relies on New York usury laws.
The New York-based financial companies named in the suit, Lifetime Funding and CapSpot Financial, did not immediately respond to requests for comment. A third company named as a defendant, FunderZ, could not be reached.

I note that Lindell calls it a scam....yet...was a willing partner in using the invoice 'work-around' to get the money.
Knowing some of the backers of these predatory loan operators....Mike could be sleeping with the fishes soon~

Mike is such a douche.

 

[TimFitz]

Mike doesn’t want to meet the kind of guys who come from “accounts recievable”.

 

[Rambunctious]

The glee for a man having business troubles from you desperate angry so called liberals frankly makes me sick... this is why we need to beat you people... you are mean and dishonest and nasty...

 

[whitehall]

Lindell didn't use the words "loan shark". It's typical left wing blog spin. Why does the fascist left hate a guy who makes pillows?

 

[Arlette]

The glee for a man having business troubles from you desperate angry so called liberals frankly makes me sick... this is why we need to beat you people... you are mean and dishonest and nasty...

Lindell still has his health and his Cheeeesus. Rudy got cleaned out by two black women.

 

[Rambunctious]

Lindell still has his health and his Cheeeesus. Rudy got cleaned out by two black women.

Both men will be just fine...

 

[Toro]

...and then, he sues the finance company for 'predatory' loan practices? Too funny~

MyPillow and CEO Mike Lindell say they resorted to $600K in loan shark-like financing as judgments mounted

Now, the company and Lindell himself are suing several merchant cash advance companies.

www.startribune.com

MyPillow needed $600,000, and fast. So last month CEO Mike Lindell opted for a merchant cash advance — similar to a payday loan for businesses — and agreed to repay more than $16,000 per day for the cash infusion.
Now the Minnesota company and its founder say the arrangement amounted to an illegal loan with extreme terms, including more than 360% interest and access to employee records.
A lawsuit filed in Carver County District Court last week claims the loan agreement was “usurious, unconscionable and thus unenforceable” and should be tossed out by the court.
The agreement was cast as the purchase of MyPillow’s unpaid invoices but was “merely a sham intended to evade the applicable usury laws,” the lawsuit said. Usury laws cap interest rates for many loans; though the lawsuit was filed in Minnesota, it relies on New York usury laws.
The New York-based financial companies named in the suit, Lifetime Funding and CapSpot Financial, did not immediately respond to requests for comment. A third company named as a defendant, FunderZ, could not be reached.

I note that Lindell calls it a scam....yet...was a willing partner in using the invoice 'work-around' to get the money.
Knowing some of the backers of these predatory loan operators....Mike could be sleeping with the fishes soon~

He deserves to go bankrupt because of his stupidity

 

[Arlette]

Both men will be just fine...

No. They are ruined.

 

[Rambunctious]

No. They are ruined.

No your hatred of him and democrat lawfare hurt the people who work for them... he will be fine...

 

[22lcidw]

Lindell is a typical MAGA deadbeat. He threw it away all for Trump. He is still unrepentant and would do it again. Hard to feel sympathy for him. Anyway, Lindell has shown his word is trash. Just like Trump fittingly.

It is estimated that the federal budget is 25%/30% of corruption, stealing, graft. And the taxpayers on the hook. Yesterday I saw a union guy pro Harris speaking. You seeCovid in those areas affected pensions and the Progs made sure they printed trillions of dollars to fill up state, city and pensions that that were affected from themselves. Well, he got the 30% increase in his pension that the lost plus a huge check from the last three years. Anyway, the working class not so privileged has seen at least a 25% increase in food, supplies and shelter prices. And it is more. So much fun. A good time was had by all.

 

[TimFitz]

Lindell didn't use the words "loan shark". It's typical left wing blog spin. Why does the fascist left hate a guy who makes pillows?

The vig is 350%. He didn’t have to say “loan shark”.

 

[TimFitz]

It is estimated that the federal budget is 25%/30% of corruption, stealing, graft. And the taxpayers on the hook. Yesterday I saw a union guy pro Harris speaking. You seeCovid in those areas affected pensions and the Progs made sure they printed trillions of dollars to fill up state, city and pensions that that were affected from themselves. Well, he got the 30% increase in his pension that the lost plus a huge check from the last three years. Anyway, the working class not so privileged has seen at least a 25% increase in food, supplies and shelter prices. And it is more. So much fun. A good time was had by all.

“It is estimated that the federal budget is 25%/30% of corruption, stealing, graft”

you made this claim.

Based on what?

 

[TimFitz]

where did trump find thus idiot?.

He surrounds himself with grifters like this.