If you live in Pierre and need of quick access to money, a short-term loan might be able to help.
It can be difficult to stay on top of bills when competing financial priorities need your attention. Short-term loans are designed to help you through your next payday so you can meet all your obligations. If you live in Pierre, check out this guide to see how short-term loans work and if it’s a good option for you.
How does South Dakota law affect Pierre?
Short-term lenders in Pierre are governed by South Dakota Codified Laws 54-4-36 et seq. Out-of-state lenders that provide online loans to residents of Pierre also have to adhere to the same set of laws. This means that no matter which lender you choose, you won’t be able to borrow more than $500 at an APR of 36%.
Loan terms aren’t specified by state law, so you’ll have to read your contract and discuss it with your lender to learn when your loan will need to be repaid.
All of South Dakota short-term loan law is outlined here
Online short-term loans you can compare
Why you might want to check out short-term lending in Pierre
- No maximum terms. There are no maximum terms set by the state of South Dakota. However, there are no minimum terms either, meaning your payday loan might have quite short or quite lengthy terms, making it necessary to compare your options.
- Rollovers and renewals. You can rollover or renew your payday loan up to four times as long as you pay at least 10% of the original loan amount. There’s no maximum limit to the number of payday loans you can have concurrently.
- Limit on APR. Unlike other states, South Dakota stops lenders from trying to charge more than 36% APR. This means the cost of your loan will be much less. Always make sure your lender is abiding by this law to protect your financial interests.
Josh needs extra money to repair his car
After a month of asking for rides and struggling to get to work, Josh decided it was time to take out a loan to pay for his car repairs. The credit limit on his credit card insufficient to cover the costs, and his bad credit meant he wouldn’t qualify for a personal loan. Josh knew his best option would be to find a short-term lender.
He compared his options and applied for a loan of $400 online. Because South Dakota caps financing rates and fees at 36%, Josh only had to pay $5.52 for his loan. The lender set the payback term at 14 days.
Josh had the money deposited into his account the next business day. He paid for his car and picked up a few extra shifts at work to pay for his loan. At the end of the loan term, $405.52 was debited from his bank account without a problem. Since he had enough to pay, Josh was able to avoid the $20 late charge and get around town worry free.
How to apply for a short-term loan in Pierre
Whether you apply online or in-store, you’ll have to meet some basic eligibility criteria. Almost every lender requires that you be 18 years old, a citizen or permanent resident of the US and that you have a regular source of income.
Filling out the application is relatively simple. You’ll need to give the lender your Social Security number, information about your employment, your income and a way to contact you. If you’re applying online, lenders will require you to give access to your checking account so they can deposit your loan and debit the payment when it’s due. If you’re applying in-store, you’ll have to bring a check with you or agree to give access to your checking account.
Every application is different, but provided you have all the information lenders needs close by, you should be able to finish it in a matter of minutes.
Short-term loans near you in Pierre, South Dakota
Short-term loan locations in Pierre
- EZ Payday Advance. 1217 E Wells Ave, Pierre, SD 57501
- Direct Check. 633 E Sioux Ave, Pierre, SD 57501
- Money Station. 1009 E Wells Ave, Pierre, SD 57501
