Exodus Lending provides trapped payday borrowers a just pathway to financial stability. Initiated in 2015 by Holy Trinity Lutheran Church, Exodus Lending serves Minnesotans trapped in payday debt by paying participants’ debt, and setting up an interest free payment schedule. Payday loans are in the $200-1000 range and require repayment in full upon the next payday. If not repaid on time, they can accrue interest rates of up to 273%. Additionally, participants attend financial counseling, start a savings account, and set financial stability goals which they work toward with the support of the counselors. More than 70% of people supported by Exodus Lending are women, and more than half are people of color. Exodus is a second time grantee, and the grant will continue to help protect these vulnerable people from predatory lenders in their community.
Website: Exodus Lending