August 2020 Update

By Kaitlyn Szabo • September 3, 2020

Help us Spread the Word!

Exodus Lending is a nonprofit dedicated to helping Minnesotans break free from predatory debt through interest-free refinancing. You know that (of course), we know that (duh), but the question is… who doesn’t know? And how can we help spread the word about what we do?

We are always looking for ways to share our work with new people, because the more people who know about our services, the more likely someone in need of debt relief can get the help they deserve. And we believe the best place to start than with the people who know us best – our supporters.

Can you help us spread the word about Exodus Lending?  

Here are some ways you can help us spread the word to more Minnesotans.

• Include our outreach materials as part of a local community distribution event, like a food drive. We’re happy to send any materials to you or your group.
• Introduce your friends and family to our work and encourage them to stay engaged by signing up for our e-newsletter.  
• Request a speaker for your virtual staff meeting or community event. It’s easier than ever for us to join a call and speak to your team or group members.
• Complete this short survey on what type of social media content you’d like to see from us. You’ll help us learn about our audience, plus you will have a chance to win a $25 Target gift card!
• Got more ideas for how to increase awareness? Send us a message at [email protected].

Welcome Belle to Exodus Lending!

Welcome our new Communications and Fundraising VISTA, Belle Huberty, to Exodus Lending! Belle is a Justice and Peace student at St. Thomas with a passion for equity, workers’ rights, class issues, and the environment. She’s excited to work with us this year, and we’re excited, too.

Advocating for 36%

Over the last few months, Exodus Lending’s leadership team and statewide partners have held several meetings with staff members of several Minnesota elected officials to discuss the gross injustice of predatory lending in Minnesota. They met with staff from the offices of Rep. Dean Phillips, Rep. Tom Emmer, Sen. Amy Klobuchar, and Sen. Tina Smith. Our meetings have focused on addressing the importance of supporting the Veterans and Consumers Fair Credit Act (HR 5050 in the House and S. 2833 in the Senate), which would place a nationwide 36% APR cap on consumer loans. We were thrilled to learn from her staff that Sen. Smith has committed to signing on as a co-sponsor to that bill soon.

Upcoming Event

We have rescheduled our LIVE virtual event with the Theater of Public Policy for Thursday, October 8, 2020. Stay tuned for more details next month!

Predatory Lending in the News

In case you missed it, here are some of the latest news items on predatory lending:

• As data collected by Morning Consult shows, payday lenders and pawnshops target Black neighborhoods at twice the rate of white communities using a harmful practice known as “reverse redlining.”
• The Argus Leader reports on the “rent-a-bank” loophole payday lenders are using to evade state interest rate caps, such as the 36% limit recently passed in South Dakota.
• What is the rent-a-bank scheme, exactly? North Carolina’s News & Observer sums it up as a proposed federal rule that would allow predatory lenders to partner with out-of-state banks to skirt state regulation.

Exodus Lending E-Newsletter: August 2020