News
Stories and news from Exodus Lending and the financial industry
Understanding Interest and Fees
Interest and fees, in their simplest terms, are the cost of using somebody else’s money. Thus, the borrower will repay more (within reason) than they originally borrowed. Interest The interest rate is the cost of borrowing the principal amount. An annual percentage rate (APR) is the interest rate plus additional charges and fees. Thus, the Read more Understanding Interest and Fees
July 2019 Update
There is still time! We are TWO weeks away from our big fundraiser! Join us in celebration on July 16th, from 5:30 to 8:00 pm at PAIKKA. Single admission tickets are $25. Group rate tickets for parties of two or more are $20 per ticket. Limited tickets will be available at the door for $30 each. Ticket price includes admission, food Read more July 2019 Update
Navigating Financial Setbacks
Life is full of unexpected changes, hurdles, and setbacks. Fortunately, with a little foresight, discipline, and determination, you can weather the storm. Here’s how: Acceptance and Acknowledgement Before you panic and rush to hastily-made decisions, take a moment to think intentionally about your situation. Reflect on the following questions so you can learn from what Read more Navigating Financial Setbacks
June 2019 Update
Join us for our Summer Fundraiser! Play games, experience community, and participate in a lively conversation about the dangers of predatory lending at Exodus Lending’s annual summer fundraiser on July 16th, from 5:30 to 8:00 pm at PAIKKA in St. Paul. Our executive director, Sara Nelson-Pallmeyer, will use YOUR questions to guide a community dialogue featuring Minnesota Attorney Read more June 2019 Update
Reducing Credit Card Debt
Reducing Credit Card Debt Racking up credit card debt is a common phenomenon in the United States, as the Federal Reserve found U.S. households owe $1.04 trillion in credit card debt. In Minnesota, the average credit card balance is $5,961. That is a lot of money, and for far too many credit card debt is Read more Reducing Credit Card Debt
May 2019 Update
Share Your Thoughts with Your Legislators! Now is the time to contact the leaders from the Minnesota House and Senate to let them know your views on legislation to limit payday loan interest rates! Legislation has passed in the Minnesota House of Representatives to cap interest rates on payday loans to 36%. This provision is Read more May 2019 Update
‘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
How to Save $500 in a Year
How to Save $500 in a Year Are you financially prepared for a $500 emergency? If your answer is “no,” you are not alone. According to a 2018 Federal Reserve report, 4 in 10 adults would not be able to pay for an unexpected $400 expense or would need to sell something or borrow money Read more How to Save $500 in a Year
April 2019 Update
It’s Our 4th Birthday! In April 2015, Exodus Lending launched our interest-free loan refinancing program and enrolled our first participant. Four years and over 270 participants later, we’ve refinanced more than $217,000 of payday loan debt for Minnesotans and saved them more than an estimated $669,000! That’s money that stays in our communities to pay Read more April 2019 Update
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