E-newsletters
June 2021 Update
Let’s Be “A-Loan” Together We are no longer “a-loan” and can be together once again at our summer fundraiser! Join us on Thursday, July 29th, from 6:30 to 8:30 pm at PAIKKA in St. Paul for an evening of games, merriment, and updates from Exodus Lending. Each ticket includes two beverages. Tickets are $5/person in Read more June 2021 Update
Banks and Credit Unions
While banks and credit unions are both financial institutions where you can keep, borrow, and grow your money, they are not exactly the same. Here is a chart breaking down the main differences between them: BANKS CREDIT UNIONS – Banks are for-profit financial institutions. Their primary focus is making money for their stakeholders. – No Read more Banks and Credit Unions
Annual Report 2020
Exodus Lending’s full Annual Report can be downloaded by following this hyperlink: Annual Report from 2020↗ (opens in a new tab) Annual Report 2020 by Anika Riewe
CAP Agencies and Other Financial Resources
Have you ever heard of Community Action Partnership (CAP) or a Community Action Agency (CAA)? Community Action Partnership is a national nonprofit that provides technical assistance, training, and other resources to CAAs, nonprofits, and public groups. In other words, CAP connects local communities and individual citizens to financial resources that meet their needs. There are Read more CAP Agencies and Other Financial Resources
May 2021 Update
Call to Action: Contact your House Member! As the conference committee meetings continue at the Capitol, now is the time to contact your House member. Share your support of establishing a 36% annual percentage rate ceiling on payday loans, as outlined in provisions in the House Omnibus Commerce Policy and Finance Bill (HF 1031, Article Read more May 2021 Update
Affordable Hobbies
We regularly discuss budgeting in terms of needs and wants, with a primary focus on prioritizing “needs.” However, this month, we want to highlight how having space for your “wants,” like hobbies, is still essential. While they seem like just fun and games, research shows that hobbies can have mental health benefits such as reducing Read more Affordable Hobbies
April 2021 Update
Life in the Debt Trap Reese* first took out a payday loan to stay on top of the bills in her life. Unfortunately, the “short-term” loan quickly spiraled into a debt trap. That’s because Reese couldn’t afford to pay the entire principal and interest of her loan in one payment. Instead, she paid a fee Read more April 2021 Update
Rent
IMPORTANT PROGRAM UPDATE FOR CURRENT PARTICIPANTS Before we begin discussing managing rent, Exodus Lending is pleased to launch a new online payment platform. All current program participants should have received an email from us with instructions on how to create a profile with the new Client Portal by March 31st, 2021. Please contact us if Read more Rent
March 2021 Update
Did you hear us on MPR News last week? In case you missed it, our executive director, Sara Nelson-Pallmeyer, joined Chris Farrell of MPR News and Professor Creola Johnson from Ohio State University to discuss the issue of payday lending. Here are the key takeaways from the segment about the injustice of predatory lending, what Read more March 2021 Update
Opening a Credit Card
Credit cards seem essential for adult life, but the process of opening one can be confusing and intimidating. So this month, we’re making space to demystify the process of opening and maintaining a credit card. Credit Card Basics Before opening a credit card, be sure you fully understand how credit cards work. Credit cards are Read more Opening a Credit Card