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Exodus Lending is breaking the cycle of pay day loans

Exodus Lending is breaking the cycle of pay day loans

Payday advances are becoming a complete great deal of attention today. A quick payday loan is a little, short-term, unsecured loan removed to pay for a crisis, also it’s meant to be paid back because of the next paycheck. Nonetheless, 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 is borrowers that are helping by payday financing because it launched its doors 1ВЅ years back. The brain-child of Holy Trinity Lutheran Church (HTLC) within the Longfellow community, its two-person staff has led over 100 individuals on the way to stability that is financial.

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 Cash Express at 27th and E. Lake St. Exodus Lending hopes to serve 200+ customers in 2017, seeking lasting modification for people, finance institutions, and culture in particular. (Picture by Margie O’Loughlin)