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What is Payday Lending?

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

Bad with Money with Gaby Dunn: Financial Trauma with Chloe B. McKenzie

Wealth justice activist Chloe B. McKenzie joins the Bad with Money Podcast to talk mental & emotional health, financial trauma, & how to heal from long-term economic violence.

Listen On Spotify

How the Other Half Banks and The Color of Money: Black Banks and the Racial Wealth Gap.

Law professor Mehrsa Baradaran uses the history of black banking as a vehicle for exploring the origins and persistence of the racial wealth gap in America.

Buy It From Bookshop

The Deep Roots of the Racial Wealth Gap—and How We Undo It

Ericka Taylor discusses centuries of extraction and misguided notions about bootstraps and financial literacy as the sole "solutions" and what's required for real change.

Read the Article From Yes! Magazine

We Have No Idea: The Hidden History of Our Credit System

The Hidden History of Our Credit System: The podcast "We Have No Idea" discusses the racial history of the U.S. credit system.

Listen On Spotify

Ruby Gets Banned from Payday Loan Store

A short episode highlight from NBC's "Good Girls" Ruby (Retta) is determined to make a fresh start for her family, and she proves her point in the most hilarious way possible.

Watch On Youtube

Wealth Stripping by Design: The Impact of Predatory Lenders in Memphis

Steve Dubb covers the racist and extractive practices of predatory lending and where we should go from here.

Read the Article from NPQ

House Floor Session

Tune in to hear Rep. Jim Davnie's testimony on the 36% interest rate cap, as he advocates for his constituents and consumers across Minnesota (5 minutes).

Watch on Youtube

Exodus Lending Stops the Predatory Loan Cycle

Learn how Exodus Lending's predatory loan refinancing program works and see if it could be the right fit for you! No interest, no fees, no judgment.

Watch on Youtube

"Why It's More Expensive to be Poor"

Join Philip Olson and Julia Lorenz-Olson in another "Two Cents" video where they walk through the financial systems, hidden costs, fees, and predatory products (including payday loans!) that make it more expensive to be poor!

Watch on Youtube

Credit Score Game

Interested in learning more about what impacts your credit score, or do you feel like you already know your stuff pretty well?

Try your hand at our short credit-score game to see how you do!

I want to play!

Consumer Reports: Alternatives to payday loans

Check out the video from Consumer Reports that aired on July 27th. It features yours truly, Exodus Lending, and our incredible board member, Missy Juliette!

Watch Here

The Hidden Expenses Of Poverty: Check Cashing, Payday Lending, & Other Scams

Ryan and Julia, the hosts of the podcast "Too Good To Be True" dive into the shady world of companies that prey on the poor -- often by charging them just to access their own money.

Watch on Youtube

"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

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

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

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

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

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