We at Exodus Lending are celebrating a new year full of opportunities to practice equitable lending with our community partners and advocate for fair access to credit without predation. 2023 also offers us a real shot to make legislative change on the issue of payday lending.
Due to the current makeup of the Minnesota legislature, we’re optimistic about our chances of enacting an interest rate cap. HF290 was just introduced on January 11 and would cap interest rates on payday loans at 36%, a reform that’s proven effective at ending the debt trap in 18 states plus DC.
We’re up against an industry with lots of resources and money. But we have something they don’t have: people and stories. Many of you are connected to Exodus Lending because the issue has touched your life. Over the years, we’ve listened to our community and heard a clear desire for consumer protections against usurious interest rates. Now’s the time to get loud and show up in full force to put an end to the predatory practices of payday lending.
We’re looking to uplift stories about payday lending from all around Minnesota this session to paint a comprehensive picture of what the issue looks like in our communities. There are lots of ways to engage and get loud! Maybe you want to show up at the Capitol with us, or perhaps you want to put your story in writing, make a short video, or contact your elected leaders.
If you’re eager to get involved or have questions, please reach out to our Organizing Director, Meghan. We’ll also keep you in the loop and might reach out individually to those living or working in key districts to invite you to join us for meetings, phoning, and writing postcards urging support for payday lending reform efforts.
Over the next months of the legislative session, our Minnesota state senators and representatives will hear from advocates, lobbyists, payday lenders, and policy experts. But the biggest impact we can have on their decision-making is through the sharing real stories of real Minnesotans.
In case you missed it, here are some of the latest news items on predatory lending:
Exodus Lending E-Newsletter: January 2023