Exodus Lending

Brian —  April 12, 2013

Mission: To provide stressed borrowers with a just pathway to financial stability.

Exodus Lending will utilize an innovative alternative lending model to provide free and low-cost payday loans. Combined with an incentivized savings plan and financial coaching, we’ll help financially stressed individuals build assets and avoid high-interest, serial payday borrowing.


How it works

Borrowing: Loan applicants must have an income and provide recent bank statements for review. Upon approval the applicant receives a small loan administered by Exodus Lending. The transaction happens at our partner bank and payments for the loan are deducted automatically from the borrower’s account based on his/her pay period.

To qualify for a free loan, borrowers must repay the entire amount within 13 days. To qualify for a low-cost loan with forgivable fees, borrowers must join Exodus Lending for one year. For one year, an automatic payment will be deducted from the member’s account based on what the member can afford without compromising other expenses.

For the first few months the deduction goes towards repaying the principal of the loan. A small amount goes towards forgivable membership dues.

Savings: After the loan is repaid, the paycheck deduction goes towards building the member’s positive savings account balance. Each pay period, he/she receives a rebate on membership dues paid during the borrowing period.

The cost of service is forgiven for members that stay with the program for one year. During the year members receive free financial coaching, if desired.

Upon successful completion of the program, participants generate a personal savings balance.

Sustainability: As more members join, Exodus Lending’s capital pool grows towards self-sustainability.


Colonial Church is uniquely qualified to be a founding social investor. Colonial Church’s skills and passions shared in the Innové process are an exceptional fit for this unique financial. Colonial’s capital investment, ongoing skills coaching and missional dedication to social change entrepreneurship provides the faith-centered leadership needed for success. This in addition to the investment of other congregations have invested as well.

Exodus Lending will be managed by a qualified executive director/CEO, supported by a highly skilled board of directors and volunteer advisory board that is in part comprised of members from Colonial Church. A finance team will recruit investors and an outreach team will organize efforts to reach consumers. Exodus Lending will launch from the neighborhood church and grow into nearby storefront space with the mission to break cycles of poverty.


Project Successes

Currently Exodus Lending has secured a banking partner to generate loans and hold all monetary assets.

A search is currently underway for the position of Founding Director, a critical role to position Exodus Lending for a successful and sustainable launch.

The attention that Exodus Lending has received from Innové has led to greater awareness and opportunities. For example, the Joint Legislative Coalition has chosen payday lending in Minnesota as a core advocacy opportunity in 2014. The have produced a Payday Lending Issue Paper which seeks to educate and raise awareness on this issue.



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