What is Payday Lending?

Popular apps that provide cash advances for working people are trapping Minnesotans in a cycle of borrowing and repayment and increasing the rate of bank overdraft fees.

Despite recent efforts in Minnesota to guard against predatory lending by capping interest rates on certain loans at 50%, out-of-state companies are using a loophole in federal law to charge rates well above those caps. See our Executive Director, Anne, give a fabulous interview!

Exodus Lending frequently refinances tribal loans and this article explains a little bit about tribal loans in Minnesota while addressing how the attorney general is reigning in high interest rates for consumers.

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.

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.

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.

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

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.

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

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).

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.

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!

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!

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!

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.

A 30-minute film from the Center for Responsible Lending following the journey South Dakota took to cap short-term interest rates at 36%.

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.

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.

John Oliver (featuring Sarah Silverman) explains the predatory cycle of the payday lending industry in 15 minutes of comedy*. **Contains explicit language

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.

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.

“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.

Center for Responsible Lending’s Diane Standaert discussed the Consumer Financial Protection Bureau’s proposed changes to payday lending rules.

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."

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.

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.

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.