Living paycheck-to-paycheck, Jan* knew all too well that hitting unexpected bumps in the road could quickly detour her financial journey. Jan worked hard every day to support her family, and then her car broke down. Her car was her lifeline – without it, her job security, housing stability, and sense of well-being were all at risk.
She couldn’t afford to lose everything, so she took out a payday loan to get a used car. Unfortunately for Jan, her short-term car problem turned into a prolonged debt nightmare – for two years she was stuck only paying interest on her payday loan. The agony of being entrapped left her feeling defeated.
“It’s more than a constant cycle. It’s not going anywhere. I’m not even chipping away at it.”
No one should have to struggle in this tumultuous downward debt spiral. That’s why hundreds of Minnesotans like Jan turn to Exodus Lending to escape payday loan debt. Every day we strive to help people get back on track and to ensure they never get derailed by outrageously expensive payday loans ever again. You make our work possible.
In 2018, we surpassed 230 all-time enrolled participants, with this fall yielding our two highest enrollment months in program history. By refinancing over $182,000 worth of payday loans, we estimate our program has saved participants more than $560,000 since inception. That’s over half a million dollars kept in local communities, not in the hands of predatory lenders.
Together, we can move toward a world of greater economic justice, where credit is affordable, accessible, and non-predatory. As we look ahead to 2019, we are prepared to help even more people break free from crushing payday loan debt. We also remain committed to working toward ending payday lending in Minnesota, including supporting legislation that would limit the reach of this unjust practice.
Exodus Lending is growing, and our participants are thriving because of the continued, generous support of our community. Thank you. Together, we can help Minnesotans like Jan get back on the road toward financial stability and leave predatory payday lenders in the rearview mirror.
Please support our growth with a tax-deductible contribution to Exodus Lending either online or by mail to 2805 E Lake St, Suite 102, Minneapolis, MN 55406. Thank you.
*Name has been changed
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Exodus Lending is looking for you! We’re seeking entrepreneurial, creative leaders with experience working with diverse groups of people and who value the economic well-being of communities. Applications are due December 20th.