December 2020 Update | Oh, What a Year | Exodus Lending - Exodus Lending

December 2020 Update

By Kaitlyn Szabo January 8, 2021

Oh, what a year.

With reckless abandon, 2020 has forced us to grapple with the precariousness of individual and communal health. This year has shown us that no one should suffer the indignity of unjustly compromised physical, emotional, or financial wellness. Yet, hardship after hardship continues to wreak havoc on our communities, such as the injustice of the payday loan debt trap. As one of our program participants, Joshua*, explains, 

“My family, like many other Minnesotan families, was struggling financially after the Covid-19 ordeal and the economic shutdown coupled with the lockdowns and the civil unrest. At that time I thought a payday loan would be able to get me through until we could get back on our feet financially. Little did I realize the interest rates were anywhere from 130 to 1800% interest.”

This egregious exploitation by predatory lenders is unacceptable. Right now, licensed operations charge triple-digit rates and scammers hawk products with quadruple-digit interest. However, amidst this injustice, Exodus Lending continues to be a balm for Minnesotans who have been burned by predatory lenders. As Joshua can attest,

“The staff at Exodus Lending were not only understanding of my situation, but they [were] well informed and able to advise me on what would be the best options for me. [They] got in and helped me out of a payday loan nightmare that nobody should have to go through. I now am able to pay back my loans without those huge interest payments, which means my family is now able to have the basic necessary items everyone needs.” 

Because of support from individual donors like you, Exodus Lending halts the nightmare of payday loan debt. In 2020, we surpassed $1 million saved for our participants all-time. We also enrolled 76 people into our interest-free refinancing program. Lastly, we provided direct financial assistance to 241 Minnesotans economically impacted by COVID-19. Thank you for making this work possible.

“I am so grateful for Exodus Lending and the work they do in our local community through assistance, advocacy, and education. The name of the organization is fitting for the mission “Exodus.” I picture [them] as a modern-day Moses leading a people once “enslaved” to freedom and a promised land. Thank you so much.”

Despite a relentlessly brutal year, Exodus Lending remains a place where we can come together in spirit. With your partnership, we will continue to be a beacon of hope for economically strained Minnesotans. Gifts of all sizes help people like Joshua break free from payday loan debt.

Please support Exodus Lending with a gift today.

For the remainder of this year, any gift up to $300 is eligible for a 100% tax deduction.

*Name has been changed for confidentiality

Join our Board of Directors!

Exodus Lending is seeking creative and entrepreneurial leaders to join our board or a committee. Our goal is to have a board and committee body that reflects and celebrates the many voices of Minnesota. Therefore, we encourage women, leaders of color and indigenous leaders, Greater Minnesota residents, and people from varied socioeconomic backgrounds to apply.

Exodus Lending’s office remains closed. Because of this, our team is working remotely and you can reach us by phone at (612) 615-0067 or by email at [email protected].

Exodus Lending E-Newsletter: December 2020