Exodus Financial Services
2 Grants from 2021 - 2024
Exodus Lending will spread the Resiliency Loan Program as an alternative to payday and other high-interest small-dollar predatory loans. This innovative lending model offers no-interest personal loans through a network of community partners in areas with payday lenders and are structured to help people who need immediate relief, while building credit history and supporting future wealth building. Community partners offer related family economic success training and wrap-around support to loan recipients to reduce their reliance on payday lenders. Exodus Lending will also work to influence other financial institutions’ underwriting methods to be more accessible and equitable, and to increase protections against predatory lending schemes through grassroots organizing and legislative action.
Grants received
Exodus Lending will spread the Resiliency Loan Program as an alternative to payday and other high-interest small-dollar predatory loans. This innovative lending model offers no-interest personal loans through a network of community partners in areas with payday lenders and are structured to help people who need immediate relief, while building credit history and supporting future wealth building. Community partners offer related family economic success training and wrap-around support to loan recipients to reduce their reliance on payday lenders. Exodus Lending will also work to influence other financial institutions’ underwriting methods to be more accessible and equitable, and to increase protections against predatory lending schemes through grassroots organizing and legislative action.
This grant supports the Minneapolis Area Synod of the Evangelical Lutheran Church in America to expand the use of its community organizing model to protect consumers where payday lending is prevalent. This effort aims to make payday lenders modify terms of loan products under more competitive market conditions and transform how individuals access loans. This grant builds on a previous Community Innovation grant to support this work.