News
Exodus Lending, an alternative to payday lenders, makes 100 loans in less than two years
Exodus Lending, which launched two years ago from a Minneapolis Lutheran congregation as the first alternative to payday loans, has made its 100th loan, including to 41 working-poor borrowers who were refinanced from the “payday loan debt trap” and repaid in full. “We had no idea the program would grow this big and help so Read more Exodus Lending, an alternative to payday lenders, makes 100 loans in less than two years
States without Payday and Car‐title Lending Save Over $5 Billion in Fees Annually
According to a report published in 2016 and updated in January 2017 by the Center for Responsible Lending (CRL), Minnesota alone saves $81,240,630 annually because car title loans are not legal in Minnesota. Their report indicates that we could save even more than that amount if payday loans were not allowed either. CRL estimates that states without Read more States without Payday and Car‐title Lending Save Over $5 Billion in Fees Annually
Exodus Lending takes a faith-based approach to righting financial injustice
We appreciate that our story is highlighted in the fall/winter issue of Luther Seminary’s Story Magazine. Samuel Chamberlain talks about how Exodus Lending got started, how payday loans work and what we continue to do to free people from payday loan debt. Read the entire story here↗ (opens in a new tab).
Payday lending alternatives continue to grow
Exodus Lending is highlighted in the Star Tribune as an organization that helps people get out from under the payday loan debt trap. Read the entire article here
New guidelines, nonprofits help curtail predatory payday loans in Minnesota
Exodus Lending board chair, Anna Brelje, shares her story and explains what Exodus Lending does to free individuals from payday loan debt in this Twin Cities Daily Planet article. “Even as guidelines against payday lending services stall out in the labyrinth of bureaucracy, local changemakers continue to provide relief for families caught up in debt Read more New guidelines, nonprofits help curtail predatory payday loans in Minnesota
WE the podcast with U.S. Representative Keith Ellison
U.S. Representative Keith Ellison interviewed Exodus Lending current board chair, Anna Brelje. They spoke about her experience with payday loan debt, and how Exodus Lending works to free persons from payday loan debt, as part of an episode of his podcast program, “WE the podcast” on May 28, 2016, which focused on payday loans. Listen to Read more WE the podcast with U.S. Representative Keith Ellison
Exodus Lending on AM950
Exodus Lending leaders (former interim director Meghan Olsen Biebighauser and board member Anne Franz) were interviewed, along with Kate Hess Pace, from ISAIAH, for the Connections radio program on AM950 on February 27, 2016. One of our program participants, Warren, called in to share his experience with Exodus Lending as well. You can hear the whole Read more Exodus Lending on AM950
From Hardship to Freedom
Minnesota congregation stands up to payday lending When a payday lender opened on the block of Holy Trinity Lutheran Church in 2012, members had some questions. “We noticed that more of these businesses were popping up, and we were concerned about their impact,” said Jay Carlson, pastor of Holy Trinity. Read more
Freedom From The Debt Trap
Short term loans and high interest rates have long been a problem for some people in South Dakota, as well as others across the country. Many are rallying to call on their local legislators to cap payday interest rates at an affordable rate. Now, a Minneapolis church is joining that fight. Monthly bills were piling Read more Freedom From The Debt Trap
Drowning in Debt
A March 2016 report by Human Impact Partners and ISAIAH called “Drowning in Debt: A Health Impact Assessment of How Payday Loan Reforms Improve the Health of Minnesota’s Most Vulnerable” focuses on research which shows the negative effects of payday loans. Exodus Lending’s co-founder, Anna Brelje and interim director, Meghan Olsen Biebighauser, were members of the Read more Drowning in Debt