Here’s how you can help stop the debt trap.
House File 1501, a bi-partisan bill introduced in the Minnesota House this year, would put an interest rate cap of 36% on payday loans issued in Minnesota. This bill passed the House Commerce Committee and is awaiting a later vote by the full House. In order for this legislation to be considered by the Senate, the companion bill (Senate File 1648) needs to be discussed at and approved by the Senate Commerce Committee by March 30th. Both the House and the Senate must take action on the language in the bill for the bill to become law.
The Senate Commerce Committee Chair is Senator Gary Dahms, and he is the person who decides whether or not to hold a hearing on this bill. Please contact Senator Dahms to ask that a hearing be scheduled for Senate File 1648 by March 30. His contact information is (651) 296-8138 or [email protected].
Take it from Anne, one of our program participants, 36% interest is significantly better than the triple-digit rates currently charged on predatory payday loans.
“The interest rates, they’re over 300%… you can’t keep it up.”
Because of the unaffordable terms of the loan, Anne had to roll her payday loan over, again and again, spending hundreds of dollars on the accumulating fees. There was no end in sight until she found Exodus Lending. For her, our program is “a great blessing…”
Don’t Forget – We’ve Moved!
From advocating for reform to refinancing predatory loans for Minnesotans, Exodus Lending’s work continues – in a new space! We’ve moved, and we are now at 2380 Wycliff Street, Suite B-100 St. Paul, MN 55114.
Please send all mail to this address. Our phone number is still 612-615-0067.
Thrivent Choice Dollars
Are you a Thrivent member? If so, you can have until March 31st to allocate your Thrivent Choice Dollars to support Exodus Lending. Learn more about on Thrivent’s website.