Interest-Free Predatory Loan Refinancing
Exodus Lending works with financially excluded Minnesotans to advance economic justice through consumer lending, community organizing, and advocacy.
Exodus Lending is a 501(c)(3) nonprofit that refinances predatory debt for Minnesota residents. We help families and individuals find relief from the cycle of short-term, high-interest loans. This debt cycle hinders individual financial well-being as well as deters the pursuit of any financial future outside of paying off debt. By providing zero-interest refinancing loans with fair and manageable repayment plans, individuals can regain control over their finances and start the path toward financial stability.
We refinance predatory loans up to $1,500 to qualified participants at a 0% interest rate so that they can break the cycle and get out of predatory debt. If you or someone you know needs help with payday loans, car title loans, online installment loans, or another predatory product, call us at 612-615-0067.
Interest
Reach out to Exodus Lending on the website or call 612-615-0067 & tell us about your current loan(s). We will need to know the company or companies that you have the loan(s) from, the next date you are required to pay, and the amount needed to pay off your loan in full.
Enrollment
We will work with you to set up a one-on-one appointment with one of our program coordinators. During this appointment, they will walk you through our refinancing paperwork, set up your online payment account, and establish a repayment plan that fits in your budget. Repayment is from 6-24 months, with adjustments available as needed. Appointment slots are available during business hours with some evening availability as well.
Program
After your enrollment appointment, Exodus Lending will pay off your predatory loan in full. Your payments to us will begin within 45 days after your appointment. Exodus Lending charges 0% interest and $0 in finance fees over the life of the loan. Make on-time monthly payments to Exodus Lending to qualify for incentives and improve your credit score. Set up a meeting with an approved financial counselor and refer others trapped in the debt cycle to qualify for additional bonuses. An optional check-in interview is offered about halfway through the program.
Graduation
Upon the final payment to Exodus Lending, you’ll receive a letter indicating you’ve paid the loan off in full. Complete the enclosed graduate survey and mail it back, or fill it out online. Afterward, please leave Exodus Lending a review on your preferred platform (Yelp, Google, Facebook, Bing, etc).
Post Program
Help others by sharing your Exodus Lending story. Your testimonial will help us advocate for change, find new participants, and find new donors and supporters. We also encourage you to tell your friends and family members about Exodus Lending. Keep up with Exodus Lending emails to stay involved as we fight for fair lending practices in Minnesota.
Helpful Resources
We recognize that our program serves a specific need and that there is a wide variety of financial emergencies that we cannot address. Please take a moment to scan this list of other nonprofit resources or download this list of alternatives.
LSS Financial Counseling (opens in a new tab)
LSS Financial Counseling offers free financial counseling and a variety of different services and resources for people working to resolve their debt and achieve financial wellness.
Family Means (opens in a new tab)
Family Means offers free financial counseling and other financial solutions through its Consumer Credit Counseling Service.
Prepare+Prosper (opens in a new tab)
Prepare and Prosper provides free tax preparation, affordable banking products, and financial coaching.
FAIR – Checking Account (opens in a new tab)
An accessible Checking account with no account overdraft fees and low monthly fees online and through a mobile app.
FAIR – Savings Account (opens in a new tab)
An online savings accounts with no monthly minimum balance requirement.
FAIR – Credit Builder Product (opens in a new tab)
A combined savings/loan product designed to build your credit score, with no credit score requirement to get started.
You Can Help
Be a part of changing someone’s life. Every volunteer and financial donation empowers the community to achieve financial freedom.
Get Help
Every day, we’re empowering Minnesotans to break their payday loan debt cycle for good. If you, or someone you know has payday loan debt, and meets our program requirements, we can help.