June 2021 Update | Exciting Fundraiser News and More! | Exodus Lending - Exodus Lending

June 2021 Update

By Kaitlyn Szabo June 30, 2021

Let’s Be “A-Loan” Together

We are no longer “a-loan” and can be together once again at our summer fundraiser! Join us on Thursday, July 29th, from 6:30 to 8:30 pm at PAIKKA in St. Paul for an evening of games, merriment, and updates from Exodus Lending. Each ticket includes two beverages. Tickets are $5/person in advance or $10/person at the door. In addition, a food truck (It’s 7 am Somewhere) will have food available for purchase from 4 pm to 8 pm. 

Safety precautions: Firstly, all Exodus Lending staff and volunteers have been fully vaccinated. Secondly, we will not be serving a buffet dinner, and all snacks will be individually packaged and self-serve. If you have not been vaccinated, we ask that you wear a mask or refrain from attending per CDC guidelines for large group gatherings.  If you cannot attend but still want to contribute, you can donate online or send a check to 2380 Wycliff St, Ste B-100, St. Paul, MN 55114. We appreciate gifts of all sizes as they all help our efforts to stop the debt trap in Minnesota. Be sure to include “fundraiser” in the “Tell us more!” section or memo so we can count your gift toward our $30,000 goal!

Program Updates

Exodus Lending strives to provide a holistic, participant-centered program that helps break the cycle of predatory debt and provides resources for people to avoid the debt trap in the first place. We are building off our success over our first six years of lending by moving forward with a secondary loan product: a zero-interest, $200-$1,000 personal loan. In early 2020, we first piloted this program and distributed ten such loans with 12-month repayment terms. After analyzing the results, we are scaling up this pilot program and plan to offer a limited number of personal loans by the end of 2021. Additionally, we are excited to expand our partnership with Prepare + Prosper. As a result, we are now able to enroll interested individuals in their FAIR Financial Solutions program, which offers checking, savings, and credit builder products for low-income, low-wealth households.

2020 Annual Report

Despite the immense hardships we as a community faced last year, Exodus Lending persevered through it all and continued our tireless efforts to stop the debt trap for Minnesotans. None of what we accomplished in 2020 would have been possible without the support of so many individuals and institutions. Thank you.

Recent Grants

We have been graciously funded by several foundations recently, including Christ the King Lutheran Foundation and the Fourth Generation Fund. Thank you for supporting our work.

Predatory Lending in the News

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

Exodus Lending is transitioning back to limited office availability. However, please help us keep our staff and participants safe by connecting with us by phone at (612) 615-0067 or by email at [email protected]. We cannot accommodate walk-ins or unscheduled in-person meetings at this time.

Exodus Lending E-Newsletter: June 2021