Exodus Lending is breaking the cycle of payday advances

Exodus Lending is breaking the cycle of payday advances

Payday advances are receiving a great deal of attention these days. A quick payday loan is a tiny, short-term, unsecured loan applied for to pay for a crisis, also it’s meant to be paid back because of the paycheck that is next. Nonetheless, the attention and costs charged are almost constantly exorbitant—and can make a period of financial obligation this is certainly quite difficult to split.

Exodus Lending happens to be helping borrowers caught by payday financing as it started its doors 1ВЅ years back. The brain-child of Holy Trinity Lutheran Church (HTLC) within the Longfellow neighbor hood, its two-person staff has led over 100 individuals on the road to stability that is financial.

Into the terms of Sarah, an Exodus Lending graduate: “Even that it wasn’t the best solution for my money problems, I took out a payday loan though I worried. I really couldn’t manage to spend the loan back when it arrived due, therefore I discovered myself taking out fully another loan to repay the initial loan and its particular charges. (more…)