October 7th is the closing date to let the CFPB know that you support tight restrictions on payday lending.
Just this week we at Exodus Lending got a call from a new mom whose income was slashed when she was on unpaid maternity leave. Then, while she was without a steady income, her landlord sold her building, forcing her to find a new place to live for herself and her young family. She took out a payday loan a little more than a month ago for $800 and, in the short time since then, she has already paid $400 in interest and fees, and still, of course, must pay back the full $800.
While we’re glad she contacted Exodus Lending we want to make sure this predatory lending stops so others don’t fall victim to this trap. Tightening the restrictions on payday lending is a step in the right direction. Please let the CFPB know your opinion and thanks for your continued support for Exodus Lending! Go to faithforfairlending.org by October 7th to send your comment.
Back up your comment with a donation to Exodus Lending so we can keep helping folks like the woman who called us this week. Click here to donate.
P.S. Check out this article highlighting Exodus Lending’s work that appeared this week in the Star Tribune!