Payday loans in South Dakota have an interest cap to protect consumers
If you’re short on cash and need a small amount to get by, a payday loan might be a decent option for you. South Dakota has limits on how much a lender can charge, making it a much safer prospect than payday loans in other states.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure!
How do payday loans in South Dakota work?
Payday loans are governed by South Dakota Codified Laws 54-4-36 et seq. and must be licensed to operate. If a lender violates the state limits, it is a Class 1 misdemeanor, so be sure you know the laws and check lender licenses before applying to be sure you’re working with a legit lender.
- Maximum loan amount: $500
- Loan term: Not specified
- Maximum APR: 36%
- Finance charge: A 14-day $100 loan costs $1.39
- Collection fees: Not specified
State laws don’t specify the maximum number of payday loans you can have out at once.
Here are some payday lenders you might want to consider
Check the websites of any providers you’re interested in to confirm they operate in South Dakota.
How do I apply for a payday loan?
Applying for a payday advance in South Dakota is easy. You can walk into any storefront or you can submit an online application. To apply, you’ll have to meet these eligibility criteria: you should be at least 18 years of age, be an American citizen or permanent resident and have a regular source of income.
Although applications differ between lenders, you’ll have to supply some personal information like your name, date of birth, Social Security number and a valid form of ID. Lenders will also want to know about your employment status and income. If you’re applying online, you’ll also need to provide details about your checking account.
Should I consider any other options besides payday loans?
When you’re facing normal bills and unexpected expenses, it can be difficult to balance your budget. South Dakota offers a few programs to help you out. Low Income Energy Assistance, Supplemental Nutrition Assistance Program (SNAP) and Temporary Assistance for Needy Families (TANF) can all be useful when you’re trying to get by.
Whether it’s a car repair or medical expense, a payday loan can be helpful when you’re trying to get by. South Dakota caps interest at 36% to protect consumers from overly expensive loans. Be sure your lender is abiding by the law before you apply so you get the best rates possible.