“It was just so wonderful what you did.”
Following retirement from a forty-year teaching career and his wife’s death, Reuben* found himself turning to payday loans for their convenience. “It’s an easy, quick access to cash. Then, of course, that builds up.”
“If you get several of these [loans], then you become burdened down. When you’re retired, your income, mine went down 48%.”
Because of the significant strain these loans placed on his finances, he, unfortunately, found himself trapped in a cycle of reborrowing. He came across Exodus Lending’s website and was initially attracted to our commitment to charge 0% interest on our loans. Reuben enrolled with us in 2019.
“It was just so wonderful what you did. And not only for me, but my best friend…[He] also had one or two, and I told him about, I found Exodus [Lending], and maybe two days after I’d went there, and he signed up, and he’s been through your program and all these wonderful things you’ve done.”
Then COVID-19 hit. Like many people, the pandemic worsened Reuben’s precarious financial situation. Thanks to a generous donation, Exodus Lending was able to help our participants at this very stressful time by covering up to three months of participants’ payments and providing hardship grants for 241 participants, including Reuben.
“I look at myself, how much you helped me…I just think it’s amazing what you people are doing.”
*We have changed the participant’s name because of confidentiality.
From refinancing to direct financial relief, Exodus Lending and our donors continue to provide hundreds of Minnesotans much-appreciated support when they need it most. Thanks to your help, our program has helped more than 460 Minnesotans save more than one million dollars in interest and fees.
And with your generosity for Give to the Max Day 2020, we hope to move closer to saving the next million. Now through the end of the day on Thursday, November 19th, we have a goal to raise $5,000 to support our efforts. Plus, we’re thrilled to announce that we have a $5,000 match! That’s $10,000 total. Can you help us get there?
Looking for more ways to give? If you prefer, you can donate through our website, mail a check to Exodus Lending at 2380 Wycliff St Suite B-100, St. Paul, MN 55114, or check out our Ways to Give resource for more options.
In case you missed it, here are some of the latest news items on predatory lending:
Exodus Lending’s office remains closed. Our team is working remotely and can be reached by phone at (612) 615-0067 or by email at [email protected].
Exodus Lending E-Newsletter: November 2020