South Dakota Payday Loans

When applying for South Dakota payday loans, you have to first be aware of the different regulations governing the transaction. We try to make this task easier for you by providing completely information on rates, terms and fees associated with each transaction. All information provided here are accurate and updated to better serve consumers.

Information regarding different states is also available in the website. Questions, comments and feedback are all welcome at

 Payday Loan Process in South Dakota

If you are a resident of South Dakota and within the age of consent, you have already met some of the most basic requirements for a payday loan. Other conditions set up by lenders before a transaction include:

  • Must be employed within a minimum number of months
  • Must own a savings or checking account
  • Must meet the minimum monthly salary set by the lender

Minimum salary is usually between $800 and $1000 depending on the lending company. People on welfare can also obtain payday loans, borrowing an amount dependent on the check they receive every month. The same policies apply to seniors already enjoying their retirement.

South Dakota Payday Loan Laws and Regulations

In the spirit of fairness, all lenders are required to operate using the caps and limitations set below:

  • Maximum Loan Amount: $500
  • Finance Charge for $100 Loan in 14 Days: No Limit
  • APR for $100 Loan in 14 Days: No Limit
  • Rollovers Permitted: Four (flip, renew, and rollover loan)

South Dakota has left many blanks when it comes to payday loans, leaving the rest under lender discretion. For example, the maximum finance rate and fees are left unspecified as well as the number of loans that can be had at a time. Policies on collection limits and repayment plans are also left unclear.

Borrowers are advised to talk these topics through with their lender before proceeding. Take the time to read through the transaction and ensure that you are well protected in the terms of the loan.

South Dakota Consumer Protection

The South Dakota Division of Banking is the regulating body assigned to payday loan transactions. The organization welcomes any questions and complaints that borrowers might have within SD.

  • Address: 217 1/2 West Missouri Avenue Pierre SD 57501
  • Phone: (605) 773-3421 
  • Fax: (605) 773-5367

The regulatory body also entertains complaints through their official website or via email. To ensure protection, all borrowers are encouraged to read up on the regulations concerning payday loan transactions. Do not be afraid to ask questions of lenders if necessary.

South Dakota Payday Loan Alternatives

You have several options when seeking out alternatives for payday loans. Borrowers who feel skeptical about short term transactions can try using their credit cards to pay for immediate expenses. Others also prefer to use a pawn shop to raise cash or directly sell their items through eBay or Craigslist. If you have well-off friends and family, it’s also a good idea to ask help from them. Trusted employees also get perks from employers and are awarded cash advances for emergencies. Bank loans are best for larger monetary needs.

Payday Loans cities in South Dakota:

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