Impact and Programs
On behalf of enrolled Minnesotans, Exodus Lending pays off up to $1,000 of payday, title, or online installment loan debt carrying more than 36% interest. In 2019, we had 151 enrollments and refinanced a total of $106,564.05. Our program saved participants an estimated $323,168.82, assuming they would have otherwise remained in the payday loan debt trap for a year. Additionally, last year 49 program graduates successfully paid off their Exodus Lending loans. After completing the program, 92% of survey respondents felt they were more equipped today to be financially successful or healthy than before they joined Exodus Lending.
Exodus Lending’s broader goal is to help as many Minnesotans as possible break free from predatory debt. In 2020, our goal is to enroll 200 participants (a 33% increase from 2019).
Community or Constituency Served
We serve Minnesota residents who have a steady source of income, a bank account, and have been stuck in the payday loan debt trap for at least 30 days.
Geographic Area Served
Exodus Lending refinances payday loans for all residents of Minnesota.