PJR Vol. 9, Problem 5, 2019, Predatory Payday Lending: A Public Justice Problem
Sara Nelson-Pallmeyer may be the executive manager of Exodus Lending, serving since 2016, and it has worked into the nonprofit sector her entire profession. Ahead of Exodus Lending, she worked at Augsburg University’s Center for worldwide Education and Enjoy, the more Minneapolis Council of Churches and Twin Cities Habitat for Humanity. Sara enjoys both individuals that are helping, along with handling structural origins of injustice.
Payday advances are tiny buck (usually about $200 to $400) short term loans which are typically due in complete from the borrower’s next payday (or day's income), thus the name “payday” loan. The borrower must pay a hefty fee to the lender ( approximately $15 per $100 borrowed) in addition to paying off the loan in full in such a short time period. A consumer usually needs an open bank account, a steady source of income (this may be earned or unearned, through sources such as Social Security or Disability) and identification in order to obtain a payday loan.