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Payday Loans in South Dakota

If you’re dealing with a financial crisis, a payday loan may be a great option for you. You never know when you may encounter a problem down the road, and you need cash to be able to solve it. But, when the cash is low, and you need it more than ever, you feel hopeless and don’t know what to do. Well, as mentioned, bad credit loans are an option you should consider.

Payday loans in South Dakota have laws that you need to know first. Therefore, here is some information about them.

Info on South Dakota (SD) payday loans

A payday loan is an amount of money you can borrow from a lender to help you with desperate situations during financial hardship. For example, when your car breaks and you need to use it daily, it’s a huge problem if you don’t have the funds. Reparations cost a lot, and you might not have another option to go to work except your car. Here is where a payday loan becomes a useful tool.

You can get the loan, repair your car, and your problem is gone. The only thing that’s left is the repayment. When your paycheck day is due, you must return the money to the lender. It’s as simple as that!

South Dakota payday loans online

How can you apply for payday loans in South Dakota?

Applying for loans in South Dakota is not a hard task. You can either apply online or in a storefront. The requirements are that you have a regular source of income and that you must be an 18 years old American citizen or US permanent resident.

Those are the main requirements, but a lender may ask for more. You need to give him some personal details like your name, address, date of birth, ID and Social Security Number. Information about your employment is also relevant. Moreover, you need to give details about an existing checking account in case of an online application.

What are the laws for payday loans in South Dakota?

You should know that payday loans online are legal in South Dakota and they are governed by South Dakota Codified Laws 54-4-36 et seq. The lender needs a license before being able to offer loans. So, before applying for a loan, make sure you know everything about the laws and that the lender is licensed. Violating the state limits means it’s a Class 1 misdemeanor for a lender.

Payday loans in South Dakota have a maximum amount of $500. The maximum APR is 36%, and there’s no specified term for the loan. There are no specified collection fees either, and for a 14-day $100 loan, the finance charge is $1.39.

Moreover, the maximum number of payday loans you can take at a time is not mentioned by the state laws.


Payday loans in South Dakota are easy to apply for and have many benefits. They can help you cope with financial struggles during an emergency. However, make sure you know the laws before you apply.