Welcome to Kaitlyn!
Kaitlyn, our new VISTA volunteer, started work this week at Exodus Lending and we are excited to get to know her and have her share her skills with us this year.
Originally from Illinois, Kaitlyn is a new graduate from the University of Minnesota with a degree in Urban Studies and the Sociology of Law. As a recent student, she comes with research experience and she’s already shown herself a whiz at gathering and pulling together much-needed data about payday lenders in Minnesota. We’re grateful for her presence this coming year! She can be reached at [email protected].
Our work continues
We celebrate the program participants who recently graduated, making their 12th and final payments to Exodus Lending in July. We’re happy we can help new participants, such as Janet, who came to us last month with two payday loans, who paid $70 twice a month for the fees, not removing any of her principal payment. Now a new partner with us, she’ll be paying $83.38 once each month, thereby reducing her principal amount owed each month. She told us, “Exodus Lending is an answer to my prayers!”
Polls show Americans want to limit payday lending
For the fifth consecutive year, a poll conducted by Lake Research Partners and Chesapeake Beach Consulting shows overwhelming and bipartisan concerns about payday lending and debt collection. According to the poll, 73% of Americans support requiring payday lenders to check a borrower’s ability to pay before lending money. 74% of Democrats support the rule (51% strongly), as well as 77% of Independents (53% strongly) and 72% of Republicans (54% strongly).