Exodus Lending is breaking the cycle of pay day loans

Pay day loans are receiving a great deal of attention today. A quick payday loan is a little, short-term, unsecured loan applied for to pay for a crisis, also it’s meant to be paid back aided by the next paycheck. Nevertheless, the attention and costs charged are almost constantly exorbitant—and can make a period of financial obligation that is very difficult to split.

Exodus Lending happens to be assisting borrowers caught by payday financing because it launched its doors 1ВЅ years back. The brain-child of Holy Trinity Lutheran Church (HTLC) into the Longfellow community, its two-person staff has directed over 100 individuals on the way to economic security.

picture left: Until customer banking institutions and credit unions provide a reasonable, small-dollar loan item, individuals will continue using payday loan providers like ACE money Express at 27th and E. Lake St. Exodus Lending hopes to serve 200+ customers in 2017, seeking lasting modification for folks, finance institutions, and society most importantly. (Picture by Margie O’Loughlin)

When you look at the words of Sarah, an Exodus Lending graduate: “Even though I worried it wasn’t the very best solution for my cash dilemmas, We took down a quick payday loan. I possibly couldn’t manage to spend back once again the loan whenever it arrived due, therefore I discovered myself taking out fully another loan to repay the initial loan and its own costs. I never ever thought I’d be stuck into the exact same cycle a 12 months later—but there I became.”

Exodus Lending asks the following eligibility questions: would you live into the state of Minnesota? Continue reading