We’re celebrating another year of growth and advancement toward our goal of economic justice! At Exodus Lending, we firmly believe that everyone deserves access to safe, affordable credit options. However, some lenders do not agree. Predatory lenders snatch away a sense of financial well-being from countless borrowers. Many Minnesotans like Lia* and Justin are “tired of the payday loan circle and living paycheck to paycheck because the payments eat up most of our paycheck” and “feel foolish for resorting to a payday loan.”
Let’s be clear: the payday loan crisis is not an issue of problematic borrowers. It’s an epidemic of exploitative lenders operating without adequate regulation, preying on those of us least equipped to carry the load. Together, we can put an end to this unethical lending practice.
Exodus Lending’s unique, community-driven program directly counteracts predatory lending by utilizing fair and reasonable terms. As a result, for the more than 380 participants helped since 2015, we provide a beacon of hope and a way out of wealth-stripping debt. People like you are transforming the financial lives of hundreds of Minnesotans.
Thank you for making this work possible. With each passing year, our program gets bigger and better because of individual donors like you who have blessed us beyond belief with continued, gracious support. Over the last year, we hired a new staff member to perform statewide outreach, reached a yearly enrollment record of 144 new participants, and began reporting payments to the three major credit bureaus.
Together, we have accomplished a great deal in our four years of operation, but there is still plenty more to do. We need your help to get it done. As we move forward, our team is ready to reach new heights in 2020 and beyond. We have our eyes fixated on passing a 36% interest rate cap in 2021, our minds focused on helping even more people break free from predatory debt, and our hearts set on stopping this vicious cycle, once and for all.
You can also donate by mailing a check to Exodus Lending at 2380 Wycliff St Suite B-100, Saint Paul, MN 55114.
In addition, if you are looking for more ways to give, check out our Ways to Give sheet.
Lastly, we appreciate your partnership in our collective fight against predatory lending. Above all, it is our honor to have your trust and support. Thank you for celebrating with us.
We are seeking creative, entrepreneurial leaders to join our board or a committee of the board. Learn more here.
*Name has been changed for confidentiality
Exodus Lending E-Newsletter: December 2019