Photo CC Azaj Kilafa

What is a payday loan?

Payday loans are small-dollar loans (usually $200 – $1,000) with interest rates as high as 450%. Unlike a typical loan, payday lenders require the borrower to pay off the loan in full on their next payday.

The “payday debt trap”

Payday lenders require direct access to the borrower’s bank account and make these loans without fully investigating the borrower’s ability to repay the loan. Borrowers unable to pay off the loan by their next payday often re-borrow, leading to “the payday debt trap.”

The debt trap is most severe in low-income communities and communities of color, where many people don’t qualify for conventional bank loans or credit cards.

The payday loan debt trap harms the fabric of our community

Based on annual data reported to the Department of Commerce, the reform coalition Minnesotans for Fair Lending estimate that between 1999 and 2014, payday loan fees and interest drained more than $110 million from communities statewide – more than $13 million in 2012 alone.

That money drained amounts to over 56,000 trips to grocery stores. This amount of financial distress has devastating physical, emotional and psychological consequences over time.


Learn, Educate, Donate

Educating the people about the dangers of payday lending is key. Together we can both generate the funds needed to help people trapped in Pay Day lending debt to break their bonds, as well as the momentum needed to ensure that legislation is passed to irradiate this predatory lending practice.

Please consider bringing a speaker from Exodus Lending to your place of worship, business or community organization. Contact us.

Our Mission

Exodus Lending provides trapped payday borrowers a just pathway to financial stability.

Our Values

We seek lasting change for the individual, for financial institutions, and for society at large.

We desire a strong relationship with our clients and with community partners who further our shared goals.

We aim for clarity with our clients and donors every step of the way.

Faith-Rooted Action
We are people of faith who believe that the work of liberation is central to the traditions we embody.


2805 East Lake Street, Suite 102
Minneapolis, MN 55406

CALL: (612) 615-0067

Email Us


Sign-up for Email Updates