Exodus Lending is breaking the cycle of pay day loans

Pay day loans are becoming a complete great deal of attention today. A quick payday loan is a tiny, short-term, unsecured loan applied for to pay for an urgent situation, also it’s meant to be paid back because of the next paycheck. Nonetheless, the interest and charges charged are almost always exorbitant—and can make a period of financial obligation that is quite difficult to split.

Exodus Lending happens to be assisting borrowers caught by payday lending as it exposed its doors 1ВЅ years back. The brain-child of Holy Trinity Lutheran Church (HTLC) when you look at the Longfellow neighbor hood, its two-person staff has led over 100 individuals on the way to stability that is financial.

Photo left: Until customer banks and credit unions provide an inexpensive, small-dollar loan product, individuals will continue using payday loan providers like ACE money Express at 27th and E. Lake St. Exodus Lending hopes to serve 200+ customers in 2017, seeking lasting modification for folks, banking institutions, and culture most importantly. (Picture by Margie O’Loughlin)

Into the words of Sarah, an Exodus Lending graduate: “Even though I stressed it wasn’t the most effective online payday loans Washington solution for my cash issues, We took down an online payday loan. I really couldn’t manage to spend the loan back whenever it arrived due, and so I discovered myself taking out fully another loan to settle the initial loan as well as its charges. Continue reading →