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Compare your loan options in South Dakota

Looking at getting a South Dakota payday loan? Here’s what you need to know.

If you’re short on cash and need to borrow a small amount of money, you might be considering a payday loan. This guide addresses all the key aspects of payday loans, also referred to as payday advances, cash advances, and short term loans, in South Dakota.

Check into Cash Payday Loan

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!

    Are payday loans legal in South Dakota?

    Yes, payday loans are legal in South Dakota. All payday lenders in this state have to abide by South Dakota Codified Laws 54-4-36 et seq.

    The maximum you can borrow through a payday advance in South Dakota is $500. If a lender violates this limit, it becomes a Class 1 misdemeanor. State laws don’t specify the maximum number of concurrent loans you can have through one or more payday lenders.

    To offer in-store or online payday loans in this state, a lender should obtain a license from the South Dakota Division of Banking.

    Consider these lenders for a short term loan in South Dakota

    Check the websites of any providers you’re interested in to confirm they operate in your state of residence.

    Rates last updated October 20th, 2017
    Name Product Max. Loan Amount Term of Loan Turnaround Time Costs
    LendUp Payday Loans
    7–30 days
    generally receive the money the next business day
    Depends on your state, loan product, loan amount and the term of the loan.
    CashNetUSA Loan
    Varies by state
    Varies by state
    1 business day
    Varies by state of residency.
    Check into Cash Payday Loan
    Varies by state
    1–2 business days
    Varies depending on the amount and your state of residency.
    ACE Cash Express Payday Loans
    Varies by state
    Varies by state
    Generally receive the money the next business day
    Varies depending upon the state where you reside.

    Compare up to 4 providers

    How a South Dakota payday loan might benefit you

    Here are some features you can look for:

    • Multiple options. When looking for South Dakota payday loans, you can choose from direct lenders and loan matching companies. The latter usually don’t charge any fees for their services from borrowers, and when you work with a matching company, a single application gives you access to a number of lenders.
    • Bad credit is okay. Poor or bad credit history can work as an impediment when trying to get a conventional loan, but is less of an issue with payday loans. This is because payday lenders look at your existing financial situation and your ability to repay the loan.
    • Easy application process. Whether you apply in-store or online, completing the application should take no more than five to 10 minutes. Some online lenders rely on technology to verify your credentials online. In such instances, you don’t have to scan and fax any documents.
    • Quick disbursement of funds. If you apply at a storefront, you can get the money you require almost immediately. With online applications, disbursement of approved funds by the next business day is common.

    What fees and charges do South Dakota payday loans come with?

    When you get a South Dakota cash advance, you have to repay the money you borrow along with associated costs. Here’s what you need to know:

    • Maximum finance rate and fees. South Dakota payday lending laws don’t place any restrictions on the interest and fees lenders can charge. These will be specified in the loan contract.
    • Collection fees. State laws don’t have any specific restrictions on collection fees for payday loans. These will also be mentioned in the loan contract.
    • Rollover fees. If you choose to rollover a South Dakota cash advance, you have to pay the outstanding fee. No separate rollover fees apply.

    How can I apply for a South Dakota payday loan?

    Applying for a payday advance in South Dakota is easy. You can walk into any payday lender’s storefront or you can submit an online application. To apply, you have to meet these eligibility criteria:

    • You should be at least 18 years of age
    • You should be an American citizen or a permanent resident of the US
    • You should have a regular source of income

    To complete your application successfully, prepare to submit some basic information:

    • Your name, date of birth, social security number and a valid form of ID such as your driver’s license or passport
    • Your residential address, email address and phone number
    • Details about your employment and income
    • If you’re applying online, details of your existing checking account

    Important information about payday loans

    While payday loans can be beneficial for some, they aren’t always the best option for everyone. Follow the link for more information on payday loan alternatives.

    8 alternatives to payday loans

    Have any more questions about South Dakota payday loans?

    South Dakota payday loan laws don’t specify minimum or maximum loan terms for payday loans. As a result, it will depend on the lender you’re working with.

    You can rollover a South Dakota payday loan no more than four times. Every time you wish to rollover the loan, you need to have paid at least 10% of the original loan amount.

    You should contact the South Dakota Division of Banking.

    Where else are payday loans available?

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