August 2019 Update | We're Credit Reporters! | Exodus Lending - Exodus Lending

August 2019 Update

By Kaitlyn August 26, 2019

We’re Credit Reporters!

Earlier this year, Exodus Lending became a member of the Credit Builders Alliance (CBA). And next month, we will begin reporting our participants’ payments to the three major credit bureaus! With improved credit, our participants will likely have better access to affordable financing options and a reduced risk of using high-interest, predatory loans.

Our staff and Board of Directors are thrilled to finally be able to provide enrollees the chance to bolster their credit scores and build their credit history through credit reporting. Participants and community stakeholders alike have inquired about this since our program’s start. Back then, we were unable to take on the time-consuming and costly process of becoming a reporter. But thanks to continued investment from supporters like you, this highly anticipated and long-awaited program benefit is a reality.

Loan Pool Milestone

Much like credit reporting, Exodus Lending has had an organizational goal to have a certain amount in our loan pool. We are excited to share that this, too, has been achieved: our lending pool is now $100,000!

At Exodus Lending,  we use a revolving loan pool, so funds received from participants’ repayments are then used to pay off predatory loans for new enrollees. Most of the money regularly going into our loan pool comes from ongoing repayments. The other primary sources of loan pool funding include three-year loans from community members and secured grants. Between these funding streams, we now can lend out up to $100,000 to Minnesotans caught in the payday loan debt trap.

Thank you to all community members and groups who galvanized our work through a loan pool investment. We can do what we do best – refinancing predatory debt, interest-free – because of your faith in us. Thank you.

Website Update

We’ve got a new web page that is all about payday loans! “About the Issue” is your new go-to page for media coverage of payday loans and other predatory products. Listen to a podcast, read a legislative press release, or laugh along with John Oliver.

Thank you, Anika!

Last week, our AmeriCorps VISTA volunteer, Anika, completed her year of service with Exodus Lending. She supported our organizational growth in so many ways this year, including moving to a new (and improved) office space, planning a fantastic fundraiser, and helping us to become a “meets standards” nonprofit with the Charities Review Council! While we are sad to see her service year come to an end, we don’t have to say good-bye – she’ll be returning in mid-August to be on staff. Join us in giving thanks for a job well done!

Exodus Lending E-Newsletter: August 2019