August 2021 Update
Exodus Lending in the News
Exodus Lending strives to be a public voice speaking up against the harm caused by predatory lenders. To that end, our executive director, Sara Nelson-Pallmeyer recently spoke with a NerdWallet reporter on the importance of an interest rate cap on short-term loans to protect consumers. Additionally, program graduate and current board member Missy Juliette spoke with Consumer Reports about how she worked with Exodus Lending to break free from payday loan debt and was even featured in this video clip that was shared during local news broadcasts across the country!
“They consolidated my loan payments into one, so instead of paying two hundred bucks and fees a month, I paid $80 a month for a year.”
– Missy Juliette, Exodus Lending Program Graduate
New Poll: Minnesotans Overwhelming Reject Payday Loans
Our executive director also proudly stood alongside community and faith groups at a recent press conference in Duluth to discuss the payday lending problem and the public’s support for a rate cap. As recent polling provided for Minnesotans for Fair Lending and Minneapolis Area Synod shows, 60% of Minnesotans support limiting annual interest rates on payday loans to 36%. Of those in opposition, most felt 36% is too high!
Fundraiser Recap
Our supporters contributed more than $41,000 worth of gifts and pledges as part of our “A-Loan” Together fundraiser last month. That means we fully secured our $30,000 match! Thank you to everyone who helped make this annual event a huge success.
Team Update
Please join us in thanking our AmeriCorps VISTA, Belle Huberty, for completing their year of service. In a year unlike any other, Belle approached their work with a kind-hearted, people-focused mindset that the rest of our team appreciated. Thank you, Belle!
Predatory Lending in the News
In case you missed it, here are some of the latest news items on predatory lending:
- As reported in Fortune, Senate Democrats recently reintroduced the Veterans and Consumers Fair Credit Act, which expands the Military Lending Act to protect all consumers with a 36% interest rate cap.
- The Salt Lake Tribune reports that Utah’s debt collectors and payday lenders captured millions in federal PPP loans. Yet, they continued to take borrowers to court and garnish wages during the pandemic.
- Cincinnati Magazine did a deep dive into the divorce proceedings involving the owners of Cincinnati-based Check ’n Go, revealing the harmful business model and eye-popping financials of payday lenders.
Exodus Lending E-Newsletter: August 2021
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