August 20 - Club meeting

Posted by Terry Schwerm on Sep 03, 2019
The Club welcomed Rotarians Dick Einan from the Roseville, Bill Nielson from St. Paul, David from the Jacksonville, and Rachel from the Rotaract Club. 
 
The guest speaker was Sara Nelson from Exodus Lending. Exodus Lending is a non-profit organization whose goal is to get people out from under the payday lending debt. Currently, more than 50% of people living in America do not have enough money to afford $500 in unexpected expenses. In some cases, people in this type of situation take out a payday loan to get them through to their next payday. These loans are at very high interest rates some in excess of 300% APR. Once a family is trapped in the payday lending cycle, it can often take several months to get out of it. 
 
Exodus Lending is an non-profit that assists Minnesotans in getting out of the payday lending cycle. The non-profit works with an individual or families by paying off the payday loan of up to $1000 and then having the individuals repay Exodus the amount over 12 months with no interest or finance charges. The current repayment rate of individuals they have helped is greater than 90%.  This non-profit was started in 2015 and currently have assisted nearly more than 100 people in 2018 and nearly 200 since the program started.