South Dakota State - Payday Loans Information

Payday loans are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Legal Status: Prohibited (Ballot vote on Initiated Measure 21 usury cap, effective Nov. 16, 2016)

Loan Terms:

Maximum Loan Amount: $500

Loan Term: Not Specified

Maximum Finance Rate and Fees: 36% APR

Finance Charge for 14-day $100 loan: $1.39

APR for 14-day $100 loan: 36%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: Not Specified

Rollovers Permitted: Four (licensee can renew, rollover or flip loan if debtor pays outstanding fee each time)

Cooling-off Period: N/A

Repayment Plan: N/A

Collection Limits:

Collection Fees: Not Specified

Criminal Action: Not Specified

Call for Cash: +1 (855) 462-5019

State Rate & Fee Regulations

To Find Legal Status of Payday Loans by State. Get matched with direct lender Start application now!