Newsletters
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 Read more August 2021 Update
July 2021 Update
Join us on Thursday, July 29th! We are no longer “a-loan” and can be together once again at our summer fundraiser. Exodus Lending is excited to resume hosting our annual fundraiser in person this year. We hope you can join us on Thursday, July 29th, from 6:30 to 8:30 pm at PAIKKA (located at Vandalia Read more July 2021 Update
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
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
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
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
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
February 2021 Update
Speaking Up to Stop The Spiral In Minnesota, licensed payday lenders can legally charge triple-digit annual interest rates. Based on our analysis of the most recent data from the Minnesota Department of Commerce, licensed lenders report an average APR of 215% in 2019. Exploitative licensed lenders, and worse still, illegal operations, have wreaked economic havoc Read more February 2021 Update
January 2021 Update
Our Advocacy Efforts in Challenging Times It is a painful, emotional, and nerve-wracking time for those of us working towards justice. At Exodus Lending, we denounce the racist ideologies and behaviors that endanger everyone, especially people with historically marginalized identities. Following last week’s siege of the US Capitol by violent mobs and the second impeachment Read more January 2021 Update
December 2020 Update
Oh, what a year. With reckless abandon, 2020 has forced us to grapple with the precariousness of individual and communal health. This year has shown us that no one should suffer the indignity of unjustly compromised physical, emotional, or financial wellness. Yet, hardship after hardship continues to wreak havoc on our communities, such as the Read more December 2020 Update