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Payday loan rate cap in advanced stages at Capitol
Payday loan rate cap in advanced stages at Capitol MANKATO — Proposed legislation to cap interest rates on payday loans would be a huge step toward protecting consumers from predatory lenders, said Mankato’s organizer for the Minnesotans for Fair Lending group. Sophia Hoiseth has tracked the 36% interest rate cap through Minnesota House and Senate Read more Payday loan rate cap in advanced stages at Capitol
A proposal at the Legislature would cap annual percentage rates, which averaged 220% in the state last year, at 36%.
Sherry Shannon thought a payday loan would cover the unexpected expense of fixing a flat tire. Shannon, who feared becoming homeless again, was broke at the time and felt she had no other alternative than to borrow $140 for the repair at a triple-digit interest rate. “I thought, ‘Two days later, I’ll get my check Read more A proposal at the Legislature would cap annual percentage rates, which averaged 220% in the state last year, at 36%.
How to Get Out of a Payday Loan Nightmare
Payday loans can lead to a cycle of debt. Learn how these loans work and what resources you can use to relieve payday loan debt. When Minnesota resident Sherry Shannon was short on cash after her car broke down in 2013, she turned to a storefront payday lender for a $140 loan. She remembers the Read more How to Get Out of a Payday Loan Nightmare
A bill in the Legislature would cap interest rates for payday loans at 36%
Payday loans trap Minnesotans in a cycle of debt A bill in the Legislature would cap interest rates for payday loans at 36% It started with a $300 loan. Desiree Smith was already surviving paycheck to paycheck when she suffered a severe concussion. After spending all of her paid time off on medical appointments and physical Read more A bill in the Legislature would cap interest rates for payday loans at 36%
DFL legislators advance bill to limit interest rates on payday loans
House legislators on Wednesday advanced a bill ↗ (opens in a new tab)to limit sky-high interest rates on payday loans, which advocates say often trap borrowers into a cycle of debt. “These lenders make it their mission to target people who don’t have access to a bank account — or who don’t have access to a traditional Read more DFL legislators advance bill to limit interest rates on payday loans
The Legislature Needs to Rein in Predatory Lenders
VIENNA WILSON Vienna Wilson is the board president of Exodus Lending, a nonprofit that helps Minnesotans get out of predatory lending debt. Jonah took out a loan for $365 and ended up repaying $1,082, over 11 months, an annual percentage rate of 197%. Lila took out a loan for $525, was caught in a cycle Read more The Legislature Needs to Rein in Predatory Lenders
Anna Brelje
Anna Brelje Joined the Board of Directors in 2023 Anna Brelje is a co-founder and former board president of Exodus Lending. In her professional life she serves as the political coordinator for Education Minnesota, the statewide teachers’ union. She has over 20 years of grassroots organizing and leadership development experience. Anna was inspired to help Read more Anna Brelje
Mike Steele
Mike Steele Joined the Board of Directors in 2023 I definitely meet a certain kind of Minnesota stereotype: I grew up in MN, went to college in MN, stayed in MN for work, and still can name some high school friends that I am close to. However, I was fortunate to grow up in a Read more Mike Steele
Anne Leland Clark: Payday loan debts have financially hobbled thousands of Minnesotans. Lawmakers and other elected officials must advocate for reform in lending practices, including interest rate caps
“Anne Leland Clark: Payday loan debts have financially hobbled thousands of Minnesotans. Lawmakers and other elected officials must advocate for reform in lending practices, including interest rate caps” We’re thrilled to share this op-ed in the Sahan Journal by our executive director, Anne Leland Clark. Commentary: At first, a payday loan may seem innocuous and Read more Anne Leland Clark: Payday loan debts have financially hobbled thousands of Minnesotans. Lawmakers and other elected officials must advocate for reform in lending practices, including interest rate caps
Exodus Lending: An Escape Route for Victims of Predatory Loans
Exodus Lending is proud to be “pioneering a reimagined world of consumer lending” with our 0% interest, $0 fee refinancing program. A huge thank you to Khalil Abdullah and Ethnic Media Services for taking the time to learn about what we do and share our work. Recurring utility bills, rising rents, and now the specter Read more Exodus Lending: An Escape Route for Victims of Predatory Loans