How to Compare Loans in South Dakota
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Online Loans in South Dakota
We've seen a decline in the number of unsecured loans that banks provide in the past few years. While it may be challenging to get a personal loan from a bank, you could still get financing by taking a payday loan.
The way payday loans are governed varies from state to state, and the laws in South Dakota are quite different from the laws set in other states.
Compare online loans in South Dakota with our loan comparison tool above, or read more about online payday loan laws in South Dakota below.
The Advantages of Online South Dakota Loans
Payday Loan Alternatives in South Dakota
South Dakota online payday loans may not appeal to everyone. Fortunately, there are many other ways residents of South Dakota can cover their financial needs. These include:
- Personal loans
- Home equity loans
- Credit unions
- Banks
- Car refinancing
South Dakota Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | 36% small loan cap |
| Max. Loan Amount | $500 |
| Min. Loan Term | Not specified |
| Max. Loan Term | Not specified |
| Number of Rollovers | 4 |
| Finance Charges | $1.39 per $100 |
| Statute of Limitations | 6 years |
| Database Tracking | No |
Online Payday Loans in South Dakota
Lenders are expected to abide by South Dakota state regulations as they carry out business in this state. Learn more about these regulations here.
A South Dakota short-term cash advance cannot be more than $500. A loan worth $100 given for two weeks will be charged with $1.39. APR for all loans is capped at 36%.
Unlike most states that prohibit renewals, this is actually allowed in South Dakota State up to 4 times.
However, there is one requirement that must be met. All fees must be covered before the agreement renewal. A borrower must be provided with a written notice and contract prior to the renewal.
As a borrower in South Dakota, you have an obligation to read all loan terms and conditions before signing an agreement. Don’t skip on the very fine print!
You can cancel the loan during the first day of the loan and there will be limits imposed on interest fees and/or other related fees.
Get the Loan You Need
An online personal loan can help when you need cash for large purchases or unplanned expenses.
Is South Dakota Personal Loan for You?
If you cannot afford to make a purchase or pay down debt on your own, then a personal loan might be the right option for you.
Consumers with a variety of credit situations appreciate personal loans as a great solution for paying off debts.
Personal loans afford you the convenience of making small and timely payments rather than being stuck carrying large balances on credit cards.
You can use this loan to finance home improvements, purchase a car or even cover an emergency situation.
With a good and excellent credit rating of 720 or higher, you can expect to see lower interest rates of between 6% and 10%.
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Compare South Dakota Loans at Financer.com
Financer.com helps you compare the best personal loans in South Dakota and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in South Dakota and take the guesswork out of doing all the legwork yourself.
South Dakota Loans - FAQs
How much can I borrow?
In South Dakota, there are specific loan limits. Payday loans are capped at $550 and lenders can charge no more than 36% APR. The amount you can be approved for depends on your credit score, your loan payment history, and your debt-to-income ratio, among others. By comparing lenders you can choose the best loan rates and terms.
How much do online loans in South Dakota cost?
The cost for online payday loans in South Dakota will vary by lender. However, the maximum APR allowed in SD is 36%. This can often include fees plus the interest rate. According to South Dakota legislation, lenders may charge a maximum finance charge of $1.36 per $100.
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