MFL - Take Action - Exodus Lending - Exodus Lending
A campaign of Exodus Lending
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What are payday loans?

Payday loans are small-dollar, high-interest loans requiring full payback on the borrower’s next payday. They carry triple-digit annual interest rates, are due in full on a borrower’s next payday, require direct-debit access to a borrower’s bank account, and are made with little or no regard for a borrower’s ability to repay the loan. Because of these features, borrowers often cannot both repay the payday loan and meet their other obligations without having to quickly re-borrow, pulling them into a vicious debt trap.

In Minnesota, a typical payday loan is $365 and carries an APR of 200%, and is re-borrowed an average of nine times in a year.

Payday loans don’t solve financial pressures; they make them worse.

Share Your Payday Loan Story

Tens of thousands of people across the state of Minnesota use payday loans when they are not able to make ends meet or experience financial hardship. Many of those borrowers have found their experience to be much different than they had hoped. Minnesotans for Fair Lending is leading a campaign that will cap the interest rate on payday loans at 36% APR. The stories you share will help us demonstrate to lawmakers the real-life impacts these loans have on Minnesotans and their families and friends.
Share Your Story Here

What can I do?


Get the Facts

Read up on the issue yourself and share it with others! MFL wants to pass a 36% interest rate cap, so we put together this flyer with a summary of predatory lending and the change we want to see.
(A version with a white background is included for easy printing and distribution.)


Contact your City Council and State Legislators

Give your elected officials a clear mandate to support payday lending reform. They work for you.

○ More often than not, payday loans lead borrowers right into a debt trap.

○ Cap interest rates at 36% to protect members of your community.


Write a Letter to the Editor

Publicly urge legislative support of payday lending reform in your local media! We more information on "The Issue" page or you can download our template and talking points below.
Refine it, add your own comments, and submit it to your local newspaper for the greatest impact.