February 2022 Update

By Kaitlyn Szabo • March 2, 2022

How We Stop the Predatory Loan Cycle

Lenders providing predatory payday, auto title, or installment loans design their products to keep borrowers in a cycle of debt. And for many Minnesotans caught in the spiral, it can be hard to see a way out – until they learn about Exodus Lending. In order to reach more people, our team has been working hard on new marketing efforts. We are thrilled to share our latest project – a promotional video made in partnership with Slalom Minneapolis!

Please share this video to help spread the word about Exodus Lending!  

Here are other ways you can help us connect with more Minnesotans looking to break free from predatory debt:

• Include our outreach materials as part of a local community distribution event, like a food drive. We’re happy to send any materials to you or your group.
• Forward this email to a friend or family member. Introduce them to our work and encourage them to stay engaged by signing up for our e-newsletter.  
• Request a speaker for your in-person or virtual staff meeting or community event.

Stay Updated on Minnesotans for Fair Lending

Minnesotans for Fair Lending is a non-partisan campaign dedicated to reforming and eradicating predatory aspects of payday lending in Minnesota. If you want to follow their efforts to enact a 36% interest rate cap in Minnesota communities, then you can sign up for their mailing list or join their coalition.

We Have a New Executive Director!

Last month, we announced the hiring of our new Executive Director, Anne Leland Clark! If you’d like to connect with Anne, please email her at [email protected] or call 612-615-0067 ext. 2.

Predatory Lending in the News

In case you missed it, here are some of the latest news items on predatory lending:

• Fortune reports on how U.S. federal lawmakers in charge of regulating high-cost lending have taken $2.4 million from payday lenders in career donations.
• Throughout the U.S., people are sharing their experiences with predatory loans. For example, Kieran, from Rhode Island, paid $360 in interest on a $300 loan, and Sarah, from Florida, had an online loan with 97% interest!
• In The Hill, officers with The Pew Charitable Trusts called on federal banking regulators to stop payday lenders from partnering with banks to offer unaffordable, predatory loans through “rent-a-bank” schemes.

Exodus Lending E-Newsletter: February 2022