News
Financial Protections for Active Military Might be Coming to All
Listen to this short segment from MPR News with Kerri Miller about the Military Lending Act’s 36% interest rate cap for active military and recent bipartisan efforts to extend these protections to veterans and all civilians. Exodus Lending’s Executive Director, Sara Nelson-Pallmeyer, calls at the end to share about our program and declare our support for an Read more Financial Protections for Active Military Might be Coming to All
Congress Should Cap Interest on Payday Loans
“Because of what we have seen and what our program participants have experienced, we heartily support a 36% interest rate cap on such loans.” ✊❤️ Our executive director, Sara Nelson-Pallmeyer, wrote about the need for an interest rate cap on payday loans. Check it out! ⬇️ #StopTheDebtTrap | 📝: MinnPost
‘Astronomical and unaffordable’: Payday loans get low-cost competition
This past November Martin Moylan of MPR featured Exodus Lending with a couple of short interviews. Read or listen to the segment to hear the story of our program graduate Missy Juliette, Exodus Lending’s beginnings, and learn about the Village Financial Cooperative’s efforts to offer affordable alternatives. Find it Here
Consumer protection agency, Congress balk at payday lending reform
Jim Spencer from the Star Tribune reports on the Consumer Financial Protection Bureau’s recent attempts to delay and/or eliminate new regulations that would require payday lenders to ensure borrowers’ ability to repay while sharing how Exodus Lending has helped more than 165 Minnesotans break free from the vicious cycle of payday loan debt. “Exodus [Lending] Read more Consumer protection agency, Congress balk at payday lending reform
What would happen if big banks competed with payday lenders?
Check out this MPR News segment on payday lending, from Kerri Miller and Elizabeth Schockman in September 2018. It features the Association for Black Financial Power director Me’Lea Connelly, journalist and author Gary Rivlin, and a call-in from our executive director, Sara Nelson-Pallmeyer. What would happen if big banks competed with payday lenders?
Moorhead explores alternatives to payday lending
In June of 2018, our executive director, Sara Nelson-Pallmeyer, met with local elected officials and community members in Moorhead, Minnesota to discuss payday lending’s negative impact in the region, and alternatives available to struggling Minnesotans. Read more about the event in the Duluth News-Tribune.
South Dakota shares the Exodus Lending story
Exodus Lending executive director, Sara Nelson-Pallmeyer, is quoted in an article entitled After ending payday lending, group looks for alternatives” in Sioux Falls newspaper, the Argus Leader. Sara is scheduled to speak at the Sioux Falls event A Faith-Based Response to the New Lending Crisis on September 28th.
A Path Out of the Payday Lending Trap
Anthony Schmitz writes about David, an Exodus Lending program participant, who shares his experience of working with Exodus Lending as the first step in becoming free from debt. Read more here.
Republicans’ banking plan leaves Minnesotans vulnerable to predatory lenders
Published June 1, 2017 in the City Pages: This week, the U.S. House of Representatives is expected to vote to roll back Wall Street regulations designed to avoid the kind of economic collapse that happened in 2008. The Financial Choice Act, the GOP’s answer to repealing Dodd-Frank, carries provisions that would once again allow big Read more Republicans’ banking plan leaves Minnesotans vulnerable to predatory lenders
Minnesota Daily lets students know about Exodus Lending!
Thanks to Raju Chaduvula for his report on Exodus Lending for the Minnesota Daily at the University of Minnesota Twin Cities Campus. Mr. Chaduvula writes about our history freeing Minnesotans from the payday loan debt trap, as well as our hopes as we move into the future. Read the entire story here.