Personal Loans in South Dakota:

South Dakota Payday Loan Laws and South Dakota Loan Regulations

Legal Status: Permitted under small loan act or licensing law

Citation: S.D. Codified Laws 54-4-36 et seq.

State of South Dakota Licensed Online Lenders:,,,,,
Maximum Loan Amount: $500
Loan Term: Not Specified
Maximum Finance Rate and Fees:Not Specified
Finance Charge for 14-day $100 loan:No Limit
APR for 14-day $100 loan:No Limit

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:
Repayment Plan:

Collection Limits:
Collection Fees:Not Specified
Criminal Action:Not Specified

State Regulatory Agencies for Payday Loans:

Regulator: South Dakota Division of Banking
Address: 1601 N. Harrison Ave., Suite 1
Phone:(605) 773-3421
Fax:(866) 326-7504
Regulatory Contact:
South Dakota Division of Banking
Entities Regulated by Division of Banking
Consumer Services – File a Complaint
Online Resources:
Deferred Compensation
Predatory Lending In South Dakota

The cost of a personal loan:

The cost of a personal loan

Personal Installment Loan Basic Terms:

  • Loan Amount: $1,000 - $10,000
  • Interest Rate: 25% - 95%
  • Lending Period: 12 Months-36 Months
  • Payment Frequency: Bi-Weekly or Monthly
  • The actual APR will be applied based on credit score and repayment history
  • No prepayment penalties or additional charges for early payments
  • The option to pay the loan in full before the due date and only pay the interest rate for the period the loan was outstanding

Installment Loan Examples:

The table below will display a representation of different loans with an annual interest rate of 35%*. Interest rates are set after assessing each customer's credit worthiness through traditional credit checks.

Borrowed Amount Loan Period Monthly Payments Total Payable Amount
$2,000 12 Months $199.93 $2,399.16
$4,000 24 Months $234.07 $5,617.68
$6,000 36 Months $271.41 $9,771.12
$8,000 36 Months $361.89 $13,028.04

* The interest rate displayed in the examples table above is only representative. Not all customers will be eligible for a loan with the lowest interest rate. The APR and loan amount is determined by several factors such as: credit history, employment history, even state law.

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