Impact and Programs
In 2020, Exodus Lending had 84 enrollments and refinanced $71,926 of predatory debt. In doing so, we estimate our program saved participants $220,612, assuming these participants would have otherwise remained in the debt trap for a year. In 2020, 103 participants paid off their Exodus Lending loans. In response to the COVID-19 pandemic and with the use of restricted, one-time funding to provide direct relief to participants, Exodus Lending helped 241 Minnesotans by covering $27,476 of loan payments for 190 active participants and distributing $71,400 worth of grants of up to $500 each to 156 individuals.
Our goals for 2021 are to continue to respond to persons trapped by payday and other predatory loan debt. We will enroll those who qualify for our program as needed; we will refer those who have loans that were made by unlicensed lenders to the Minnesota Department of Commerce; we will partner with others to work toward a 36% APR cap on loans issued to Minnesotans; we will explore providing alternative and fair loans to persons needing small dollar consumer loans.
Community or Constituency Served
Our priority community is any Minnesotan currently stuck in the payday loan debt trap. Exodus Lending serves individuals living in Minnesota who have a steady source of income (either “earned” from wages or “unearned” from social security, etc.), have loan(s) of up to $1,500 total with annual interest exceeding 36%, and have had the loan(s) for at least 30 days.
Geographic Area Served
Exodus Lending serves the entire state of Minnesota.