Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
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Online lenders and storefronts advertise payday loans as a quick option when you need cash and don’t have the best credit. But with South Dakota’s relatively low APR cap, many short-term lenders shy away from lending in the state.
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 no matter which lender you choose, you won’t be able to borrow more than $500 at an APR of 36% or less.
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.
Payday lenders are known for charging interest rates well into the hundreds of percents. Because South Dakota prevents lenders from doing this, many choose not to conduct business in the state. You should consider other options if you aren’t able to find a lender that meets your needs.
Depending on your lender, you may be able to apply online or in store. In general, you’ll need to have a regular source of income, be a US citizen or permanent resident and be at least 18 years old.
No matter where you go, most lenders have a similar application process.
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. Your lender may take a few minutes to process your application and get back to you. If approved, you may be able to pick up your funds at a branch location in Pierre or have the money transfered into your bank account.
Fortunately for your wallet, all short-term loans in South Dakota have their interest rates capped at 36%. When exploring your other options, make sure your lender isn’t charging more than this.
Because South Dakota has a strict cap on payday loan interest rates, it can be difficult to find short-term lenders in Pierre. That doesn’t mean you’re completely out of luck, though. Explore our guide to payday loan alternatives to find other options available.
With limited information available online, you may want to consider other options.
Find a line of credit — even if you don’t have a perfect score.
This connection service is transparent about rates — but asks for lots of personal information before you know where it’s going.
You won’t be able to apply for a new loan unless you’re a returning customer.
A standard connection service without many details on its lenders.
Lenders won’t reject you outright if you don’t have the best score.
It’s not too late to fill out the FAFSA for this year — but apply as soon as you can.
Loans up to $1 million for tech startups — but you won’t get rates online.
This financial hardship option can help when deferment isn’t an option, but it will cost you.
For most people with long-term financial problems, these two programs won’t be a good fit.
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