According to reports, Rapper Lil Pump seems to be facing a challenging financial situation,.
Not only has the IRS recently targeted him for unpaid taxes, but now City National Bank has filed a lawsuit against him for an unpaid line of credit.
The 21-year-old rapper, born Gazzy Garcia in Miami, Florida, rose to fame in 2017 with his viral hit “Gucci Gang,” which garnered millions of views on YouTube and peaked at #3 three on the US Billboard Hot 100 chart.
Despite his success in the music industry, the young artist appears to be struggling financially.
Earlier this month, the IRS filed two liens against Lil Pump for outstanding taxes. Documents reveal that the rapper owes almost $2 million in back taxes.
The government is actively trying to collect the outstanding balances from the rapper. However, the IRS is not the only organization seeking repayment from Lil Pump.
According to RadarOnline, City National Bank recently filed a lawsuit against him, claiming they extended a $300,000 line of credit to the rapper in 2019, before the pandemic shut down most live events.
The bank notified Lil Pump in August of 2021 that he had defaulted on the terms of the loan, but they received no response.
According to the bank, the rapper still owes them $98,000 of the initial loan, plus an additional $4,000 in interest, bringing his total debt to City National Bank to $102,000.
To date, Lil Pump has not responded to the IRS or City National Bank regarding these financial issues.
Lil Pump’s financial woes could impact his career, as well as his lifestyle. The rapper is known for his extravagant spending habits, such as purchasing luxury cars and designer clothing after signing an $8 million deal with Warner Bros. Records in 2018.