Startled by the emergence of a payday loan store in south Minneapolis in 2011, the justice-oriented congregation at Holy Trinity Lutheran Church sprang into action to fight predatory lending in their community. Payday loans are small-dollar loans with triple-digit annual percentage rates that are due in a single payment in two to four weeks. Many borrowers cannot repay on time. Instead, they have to choose one of three harmful options: take out a new loan to repay the first, default on the loan, or default on other expenses. The first option is uniquely devastating as it sparks a renewal cycle called the “payday loan debt trap.”
Exodus Lending is uniquely suited to solve the payday lending crisis, as we offer a community-driven solution to a community-defined conundrum. Rooted in values of justice and human dignity, our goal is to provide freedom to those trapped by debilitating and immoral debt. While we have come a long way in our four years of operation, there is still plenty more work to do.
Our single program is interest-free predatory loan refinancing. Exodus Lending pays off payday, title, or online installment loans charging more than 36% on behalf of enrolled Minnesotans. Participants are then responsible for repaying over at least 12 months, with no interest or fees added to their loan with us.
Our entire team pushes every day for accessible, affordable, and non-predatory credit options to be available to all, and protected by strong regulations. In partnership with policymakers, engaged community members, and empowered program participants, our organization speaks out for an effective interest rate cap of 36% for consumer short term loans.
Annual budget: $283,000 – Foundations, Individual Contributions, Government Grants or Contracts
Exodus Lending is seeking board members with skills in the following areas:
- Marketing & Communications
- Public Policy & Advocacy
We are seeking creative, entrepreneurial leaders who have experience in, or a passion for, working in diverse communities to join our board or a committee of the board. Exodus Lending is committed to a board and committee body that reflects and celebrates the many diverse voices of Minnesota. Women, leaders of color and indigenous leaders, Greater Minnesota residents, and people from varied socioeconomic backgrounds are encouraged to apply. Visit https://exoduslending.org/recruitment to learn more about board responsibilities/expectations and current Exodus Lending committees.
A strong applicant has one or more of the following characteristics:
- Is a financial wiz and wants to use your skills to help grow our program so it better serves under-resourced communities;
- Enjoys working in the nonprofit or small business sectors;
- Is an IT specialist and would be excited to share your wisdom and skills for a stronger, more secure organization;
- Enjoys marketing and have a solid background in digital strategy, brand development, or promotion;
- Has graduated from our program as a participant or have been trapped in predatory debt;
- Lives outside of the Twin Cities metro and would enjoy helping us think through strategies to better serve and relate to people in Greater Minnesota.
- Number of members currently: 6
- Meeting time and frequency: 6 meetings annually
- Meeting location: Saint Paul
- Time Expectation: Up to 5 hours/month
- Financial Contribution Required: Yes, at a level meaningful to the board member.
- Service on Committee Required: Yes
- Length of Term: 3 Years
- Renewable: Yes
- Does nonprofit carry liability insurance? Yes