Exodus Financial Services, known as Exodus Lending, is a first-of-its-kind nonprofit organization. Our mission is to provide trapped payday borrowers a just pathway to financial stability. We were founded by members of Holy Trinity Lutheran Church and we work with people trapped in payday loan debt throughout the state of Minnesota.
In 2017 Exodus Lending specifically asked Barnabas Partners what were the most impactful strategies to:
- Reach more people trapped by payday loans?
- Increase awareness of the services provided by Exodus Lending across the community – especially through potential partners?
- Raise the visibility of the crisis created in Minnesota by the payday lending industry?
In response Partners offered many solutions such as:
- Are there common themes/patterns among your clients in other services/support they may access? Are cross-referrals a possibility?
- Who else benefits from clients getting out of the payday loan trap? They could become both advocates and financial supporters.
- Would landlords see it as a benefit (impact on rental payments, resident turnover)? Traditional banks (who benefit from increased deposits when clients are able to build savings)? Others?
- Get ambitious and tactical; set (and realize) a vision for your impact in a community
- Thinking outside the box…would a “truth truck” be an effective way to raise awareness and connect with potential clients? For clients, would it “catch” them at the right point in their response to their financial crisis (e.g., before or after they have taken out their first payday loan)?