MyPillow CEO Mike Lindell sues a merchant cash advance firm over a 'sham' loan that had a 409% interest rate.

The article focuses on a lawsuit filed by MyPillow owner and CEO Mike Lindell against loan providers Cobalt Funding Solutions and Streamline Advance, alleging deceptive practices related to a $1.6 million loan with a 409% interest rate. Lindell claims that the loan, structured as a merchant cash advance, was misrepresented and intended to evade usury laws, as no actual sale of future receivables occurred. The lawsuit highlights the predatory nature of merchant cash advances, which often target financially struggling businesses, and notes that MyPillow has previously faced lawsuits as a defendant in similar financial arrangements. The article also mentions the significant financial decline of MyPillow following Lindell's controversial political activities. [Extracted from the article]