Payday lending’s predatory and toxic impact on our communities can be equated to a modern form of slavery. According to research, the average family in payday debt is trapped in revolving payday debt for at least 5 months out of the year. This cycle hinders individual financial well-being as well as deters them from pursuing any financial future outside of paying off debt.
Monthly APR = 310%
On average, our borrowers pay approximately 310% APR on their payday loan.
1 in 20 Americans
According to a 2012 Pew survey, millions of Americans had payday loan debt.
A Solution to End the Payday Lending Cycle in Minnesota
When a payday store opened nearby a church in South Minneapolis in 2011, the congregation took notice. They decided to take a stand with their fellow community members facing economic crisis. Exodus Financial Services, known as Exodus Lending, was founded as a first-of-its-kind nonprofit to solve the payday loan problem.
How We’re Helping
We get Minnesotans out of payday loan debt and back on track financially by enrolling and supporting them in a 0% interest refinance program, lending up to $1,000 to qualified participants.
We support where you are today, and where you want to be tomorrow.
The first step is getting to know you and your situation.
We pay off your payday loan of up to $1,000; no interest, no fees, no strings attached. You pay us back over 12 months.
We connect you with financial counseling and help you meet your savings goals.