Gather the following items in preparation for your application and then resubmit the eligibility form once predatory debt is a month old:
1) Loan agreement(s) or contracts for the loans or lines of credit you are interested in refinancing.
2) Proof of 1 month's income, which could be:
• Your most recent paystubs
• Your benefit letter for SSI or disability
• Your pension annuity
• Picture or scan of your government-issued photo ID
Work on paying down your loan balance. When you have paid your loan down to $1,500.00 or less return to Exodus' website and resubmit the eligibility form to receive a loan application.
If you can make a payment to pay the loan down to $1500.00 or less within the next 2 weeks, please send our Lending Program Coordinators a message through our Contact Us page or call 612-615-0067 ext. 1 or ext. 4
If you notice your loan's balance isn't going down when you make your minimum monthly payment amounts, this may be due to the high interest on the loan. Working with a financial counselor to figure out how to pay down the high-interest debt may be helpful.
Family Means (651-439-4840)
• Offers budget counseling, credit counseling, student loan counseling, and a debt management program to help reduce credit card debt.
• Appointments can be over the phone, via video call, or in person at their location in St. Paul off of Grand and Lexington or their office in Stillwater, MN.
LSS Financial Services (888-577-2227)
• Offers credit counseling, student loan counseling, mortgage counseling, and a debt management program to help reduce credit card debt.
• Appointments can be over the phone, via video call, or in person at St. Paul and Minneapolis locations.
We understand that your debt may still be difficult to repay even if the interest rate is at or below 36%. Although your debt doesn't qualify for refinancing with Exodus Lending, we hope working with a financial counselor and/or using one of these debt management programs at one of the following nonprofit organizations will help.
Family Means (651-439-4840)
• Offers budget counseling, credit counseling, student loan counseling, and a debt management program to help reduce credit card debt.
• Appointments can be over the phone, via video call, or in person at their location in St. Paul off of Grand and Lexington or their office in Stillwater, MN.
LSS Financial Services (888-577-2227)
• Offers credit counseling, student loan counseling, mortgage counseling, and a debt management program to help reduce credit card debt.
• Appointments can be over the phone, via video call, or in person at St. Paul and Minneapolis locations.
We recommend searching for Community Development Financial Institutions (CDFIs) in your area using this tool offered by the Opportunity Finance Network. CDFI's will often lend to people who don't have access to credit at mainstream banks. We also like the search tool in Nicole Dow's Nerd Wallet article "Find Local Financial Assistance Programs to Help You Avoid Payday Loans."
Exodus Lending does not offer any grants so we must responsibly assess each person's ability to repay a loan. Sometimes that means we can't help right away. Complete the eligibility form again when you have a stable income. In the meantime, The following nonprofit organizations offer a variety of supports that you may find helpful.
1) EMERGE Minnesota :partners with people to help them find meaningful employment and careers, gain skills through career training pathways, endorse financial literacy, and work with youth to promote positivity and begin their workforce journey
2) Hired: helps people prepare for and secure good jobs that sustain a family. They offer individual employment coaching and support, career training, connections to resources, and financial assistance.
3) The Arc Minnesota: provides information and personal support for people with intellectual and developmental disabilities and their families.
4) The Dignity Center: supports people dealing with financial and housing insecurity on their path to stability.