In our four years of lending, Exodus Lending has helped more than 350 Minnesotans like Andrea break free from predatory debt through our interest-free refinancing program. That’s more than 350 individual tales of economic triumph over immoral, debilitating debt. We’re honored and proud to do this desperately needed work every day.
While often difficult, tackling predatory debt one-by-one is incredibly rewarding work. To share some of the joys of these efforts, here is Andrea‘s story of her experience with Exodus Lending that some of you heard at our fundraiser earlier this summer:
I intended to get in and get out. But just like that, I was trapped.
In a moment of desperation, Andrea took out a payday loan for $700. Somehow, two months after taking out the loan and paying over $400, her debt ballooned to over $997! At the end of her payback schedule, she would’ve paid over $4000.
Then after meeting with LSS Financial Counseling, she found Exodus Lending. We paid off her balance in full, and now she’s on track to regain control of her financial narrative.
…Exodus Lending provides face-to-face, non-shaming problem-solving through clear and empowering instructions on how to escape the predatory lending system, and of course, an interest-free loan that set me free.
Thank you to the Otto Bremer Trust for awarding us a Community Asset Building grant to continue our interest-free refinancing program. Thanks as well to Affinity Plus Foundation for supporting Exodus Lending’s work with a generous Community Grant. With this funding, our program team will perform and promote our work statewide, thereby helping more people like Andrea break free from predatory debt.
We surpassed 100 enrollments in 2019 – that matches our total from all of last year!
This year, we have refinanced more than $73,000 and saved participants more than $226,000 that they would’ve otherwise paid to predatory lenders over a year’s entrapment.
As a Fundraising and Communications AmeriCorps VISTA, you’ll raise program awareness statewide by communicating with key stakeholders and developing a fundraising plan.
Our program coordinator, Anna recently spoke at Family Promise in Anoka‘s “Breaking Barriers” class. We are grateful for this opportunity to share our work, and we are always looking for new places to visit. Additionally, our team has produced promotional materials (such as flyers, brochures, and rack cards). We would be happy to send these to your organization or community group.
At Exodus Lending, we prioritize consistent promotional efforts. We recognize people must first know we exist before we can support them. Spreading the word about our program is one of the best ways to help us reach more Minnesotans caught in the spiral!
Exodus Lending E-Newsletter: September 2019