EXODUS FINANCIAL SERVICES
EXODUS FINANCIAL SERVICES
EXODUS FINANCIAL SERVICES
Programs
Exodus Lending Resiliency Loan Program
IN 2023, EXODUS LENDING HAD 141 ENROLLMENTS AND REFINANCED $151,000 OF PREDATORY DEBT. IN DOING SO, WE ESTIMATE OUR PROGRAM SAVED PARTICIPANTS $505,000, ASSUMING THESE PARTICIPANTS WOULD HAVE OTHERWISE REMAINED IN THE DEBT TRAP FOR A YEAR. ADDITIONALLY, IN 2023, 23 PARTICIPANTS PAID OFF THEIR EXODUS LENDING LOANS. IN JANUARY 2023, EXODUS LENDING PILOTED THE RESILIENCY LOAN PROGRAM WHICH WAS AN UPSTREAM, "ANTI-PAYDAY" RESILIENCY LOAN TO ADDRESS THE GAP IN CREDIT ACCESS BY OFFERING A 0% INTEREST PERSONAL LOAN IN LOW INCOME COMMUNITIES THROUGH A NETWORK OF TRUSTED NONPROFIT PARTNERS. IN THE FIRST THREE MONTHS OF THE YEAR, WE PROVIDED OVER $32,000 IN RESILIENCY LOANS TO 28 PARTICIPANTS THROUGH PARTNERSHIPS WITH COMMUNITY ORGANIZATIONS. ALONGSIDE OUR DIRECT LENDING SERVICES, OUR ADVOCACY COALITION, MINNESOTANS FOR FAIR LENDING (MFL), ORGANIZED LOCAL COMMUNITIES TO RECLAIM AND LEVERAGE THEIR POWER. MFL SPENT YEARS ADVOCATING FOR A 36% INTEREST RATE CAP ON SMALL DOLLAR, SHORT TERM CONSUMER LOANS IN MINNESOTA AND WON MEANINGFUL RATE CAP REFORM DURING THE 2023 LEGISLATIVE SESSION EFFECTIVELY ENDING PAYDAY LENDING AS WE KNEW IT IN MN BY JANUARY 1, 2024 WHEN THE LAW TOOK EFFECT.GeographiesNot indicatedDatesJan 1, 2023 – Dec 31, 2023Source990No causes providedNo populations provided–$554.2K
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