News
Stories and news from Exodus Lending and the financial industry
Planning for the Holidays
Planning for the Holidays With the Minnesota State Fair in the rear-view mirror and school back in full-swing, it is time to fully embrace the autumn season and start thinking about holiday shopping! Wait – what? It may seem early, but now is a great time to think about how much you want to spend Read more Planning for the Holidays
Budgeting Utilities
Budgeting Utilities Budgeting is one of the best tools available for managing your personal finances.But it isn’t always easy to do, especially for expenses that are irregular. Household utilities are some of the hardest items to budget for, as they vary a great deal each month depending on the weather and your usage. Here are Read more Budgeting Utilities
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.
New VISTA Volunteer, and More Updates
Welcome to Kaitlyn! Kaitlyn, our new VISTA volunteer, started work this week at Exodus Lending and we are excited to get to know her and have her share her skills with us this year. Originally from Illinois, Kaitlyn is a new graduate from the University of Minnesota with a degree in Urban Studies and the Read more New VISTA Volunteer, and More Updates
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.
Generous funding from the Partners in Justice Fund!
Join us on June 22nd! View this email in your browser↗ (opens in a new tab) Save the Date — June 22nd! Start your summer off right by celebrating the work of Exodus Lending. More details will be coming, but plan on joining us at Du Nord Craft Spirits, 2610 East 32nd Street, in Minneapolis, from 4:30 Read more Generous funding from the Partners in Justice Fund!
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