The Issue - Exodus Lending - Exodus Lending

What is Payday Lending?

Find statistics, videos, legislation, and information on organizational partners.

House File 102

On January 27th the Minnesota House of Representatives Finance and Policy Committee approved a proposal on regulating consumer short-term and small loan interest rates, championed by Rep. Jim Davnie. The accompanying Senate Bill is SF 892.  We are thrilled that there is momentum behind an interest rate cap in Minnesota as we move forward in 2021.

Watch the Hearing
on Youtube

Minnesotans for
Fair Lending

Minnesotans for Fair Lending (MFL) is a coalition dedicated to reform measures that will end predatory payday lending in Minnesota. Exodus Lending is proud to join arms with MFL as we fight for our common goal of a 36% interest rate cap with partners across the state. 

Check out their Facebook page for more information.

Veterans & Consumers
Fair Credit Act

Under federal law, lenders are banned from offering loans to active-duty military members and their dependents with interest rates higher than 36%. The Veterans & Consumers Fair Credit Act would extend current credit protections to cover all consumers.

Read the House
and Senate Files

"Let My People Go"

A 30-minute film from the Center for Responsible Lending following the journey South Dakota took to cap short-term interest rates at 36%.

Watch the Video

Pew Charitable Trust Research

A 2012 study from Pew Charitable Trust found that on average borrowers take out 8 payday loans, of $375 per year, and spend $520 in interest.

Read More Here

What Is Payday Lending?

The Consumer Financial Protection Bureau defines a payday loan as "a short-term, high-cost loan, generally, for $500 or less, that is typically due on your next payday."

Read the Whole Definition Here

Predatory Lending: Last Week Tonight

John Oliver (featuring Sarah Silverman) explains the predatory cycle of the payday lending industry in 15 minutes of comedy*. **Contains explicit language

Watch on Youtube

House File 1501

On February 27, 2019 House File 1501, which would cap the short-term loan APR at 36 percent, was moved forward by the House of Representatives Commerce Committee. Exodus Lending has been pushing for this legislative change to payday lending regulations since 2015 and we are excited for the possibilities that this bill has going forward.

Read House File 1501

Payday Loans Explained

Follow our friend Jennifer in this short video from The Pew Charitable Trusts. She may be a fictional, blue, human but her struggle to escape the payday loan debt trap is a very real narrative that is far too common.

Watch on Youtube

Broke: How Payday Lenders Crush Alabama Communities

“There are more payday and title lenders in Alabama than hospitals, high schools, movie theaters, and county courthouses combined.” In this 2019 report from Alabama Arise and Alabama Appleseed the stories from Alabamians and the statistics surrounding payday lending will make you mad, break you down, and get you ready to create change.

Read the Report

Diane Standaert on Potential Changes to Payday Lending Rules

Center for Responsible Lending’s Diane Standaert discussed the Consumer Financial Protection Bureau’s proposed changes to payday lending rules.

See the whole
interview on C-Span

How Borrowers Choose and Repay Payday Loans

This report—the second in Pew's Payday Lending in America series—answers questions about why borrowers choose payday loans, how they ultimately repay the loans, and how they feel about their experiences.

Get the Facts Here

Beware of Payday Loans

The official website of the Minnesota attorney general warns its constituents against the interest and fees associated with payday lenders. The article breaks down different issues with payday lending and offers advice to consumers.

Read the Full
Statement Here

Auto Title Loans and the Law

Although illegal in Minnesota, Exodus Lending has refinanced many predatory title loans made in Wisconsin. Learn all about this form of predatory lending on the Center for Responsible Lending's website.

Learn More Here

Lutheran Social Services (LSS)

Free financial counseling, debt consolidation programs, and a wide knowledge of local resources are only the beginning of what LSS has to offer. As one of our closest organizational partners we incentivize our own participants for meeting with one of their financial counselors.

Visit Their Website