MyPillow CEO Mike Lindell, an outspokenly pro-Trump member of the extended MAGA family, has faced tough financial times over the past few years in large part as a consequence of his insistent claims that the 2020 election results were fraudulent, which has resulted in negative media publicity and multiple lawsuits.

Lindell is now involved in another lawsuit against a pair of lending companies that he claims tricked him into accepting a business loan with an astonishing 409% annual interest rate, the Washington Examiner reported.

At the same time, the famous pillow maker and salesman is dealing with pending legal actions against him for allegedly defaulting on two prior loans earlier this year to keep his struggling business afloat.

Lawsuit filed over alleged high interest rate for business loan

Business Insider reported that Lindell's MyPillow, along with 18 other businesses, is involved in a lawsuit that alleges illegal racketeering by two corporate lender services, Cobalt Funding Solutions and Streamline Advance, which provide loans to businesses in need of cash.

Lindell claims the lenders "took advantage" of his "cash-strapped business that needed funds quickly" by way of duping him into agreeing to a $1.6 million loan with an interest rate of 409%.

It is the latest sign of apparent financial distress for Lindell and MyPillow, which face pending lawsuits in New York for allegedly defaulting on two prior business loans earlier this year -- the first for a $2 million deal in July and the second for a $600,000 cash advance in October.

The company is alleged to have also borrowed as much as $10 million in 2022, though it is unclear if he has defaulted on that loan or what the terms of the deal were.

Personally, Lindell has also been financially devastated by multiple defamation lawsuits related to his 2020 election fraud claims, was ordered by a judge to pay $5 million promised to a man who debunked those claims, and was dumped by his attorneys over allegedly unpaid legal bills.

"We’ve lost everything, every dime"

NBC News reported in February that a federal judge held Lindell to his word and ordered him to make good on a promised payout of $5 million to anyone who could "Prove Mike Wrong" on his claims of 2020 election fraud, which one individual is reported to have done following a review of the purported election data in Lindell's possession.

In a phone interview at that time, Lindell insisted that his MyPillow company was "doing fine" but that he was broke. "I don’t have any money," Lindell claimed. "I have a pickup truck and a house that I live in. That’s it."

The outlet noted that Lindell, in a previous interview in October 2023, had similarly claimed that he personally had no money and was unable to continue to pay the team of attorneys who defended him from a trio of election-related defamation lawsuits that seemingly succeeded in bankrupting him.

"We’ve lost everything, every dime," Lindell said in the interview last year. "All of it is gone."

Lindell and company in "dire financial straits"

This recent development, in conjunction with the prior reports of his economic and legal struggles, strongly suggest that both Lindell and his pillow company are in "dire financial straits," per the Examiner, and it is unclear if he will be able to avoid bankruptcy or keep MyPillow in business.

Business Insider noted that neither Lindell nor the two lending firms he sued, Cobalt and Streamline, responded to requests for comment.