Payday Loan Laws South Dakota, Best Personal Loans 2021

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Last Update: March 24, 2021 Loans By State
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Best Personal Loans for Bad Credit in South Dakota 2021

Amount

$500 – $10,000

Min. Credit Score:

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

3 – 36 Months

Licensed in South Dakota

Not a direct lender

Amount

$100 - $10,000

Min. Credit Score:

0

APR

Vary by State

Approval

< 1 Day

Terms

1 - 60 Months

Licensed in South Dakota

Yes

Amount

$1,000 – $5,000

Min. Credit Score:

0

APR

Vary By State

Approval

< 1 Day

Terms

9 – 36 Months

Licensed in South Dakota

Yes

Amount

$100 – $1,000

Min. Credit Score:

0

APR

Vary By State

Approval

< 1 Day

Terms

7 – 30 Days

Licensed in South Dakota

Yes

Amount

$1,000 – $10,000

Min. Credit Score:

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

2 – 5 Years

Licensed in South Dakota

Not a direct lender

Amount

$1,000 – $50,000

Min. Credit Score:

500

APR

3.99% – 35.99%

Approval

< 1 Day

Terms

1 – 5 Years

Licensed in South Dakota

Yes

Amount

$1,000 – $100,000

Min. Credit Score:

500

APR

5.34% – 35.99%

Approval

< 1 Day

Terms

90 Days – 72 Months

Licensed in South Dakota

Yes

Amount

$1,000 - $100,000

Min. Credit Score:

0

APR

4.99 - 35.99%

Approval

< 1 Day

Terms

12 - 120 months

Licensed in South Dakota

Yes

Amount

$1,000 – $35,000

Min. Credit Score:

580

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

90 Days – 72 Months

Licensed in South Dakota

Not a direct lender

Best Good Credit Loans in South Dakota 2021

Amount

$1,000 - $100,000

Min. Credit Score:

0

APR

4.99 - 35.99%

Approval

1 Day

Terms

12 - 120 months

Licensed in South Dakota

Yes

Amount

$2,000 - $40,000

Min. Credit Score:

640

APR

7.95% - 35.99%

Approval

1 - 3 Days

Terms

36 - 60 months

Licensed in South Dakota

Yes

Amount

$1,000 – $100,000

Min. Credit Score:

0

APR

4.99 - 35.99%

Approval

1 Day

Terms

12 - 120 months

Licensed in South Dakota

Yes

Amount

$1,000 – $35,000

Min. Credit Score:

580

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

90 Days – 72 Months

Licensed in South Dakota

Yes

Amount

$1,000 – $50,000

Min. Credit Score:

500

APR

3.99% – 35.99%

Approval

< 1 Day

Terms

1 – 5 Years

Licensed in South Dakota

Yes

Amount

$1,000 – $50,000

Min. Credit Score:

600

APR

7.99% - 35.97%

Approval

< 1 Day

Terms

3 - 5 Years

Licensed in South Dakota

Yes

Amount

$5,000 – $35,000

Min. Credit Score:

640

APR

5.99% – 24.99%

Approval

1 – 7 Days

Terms

2 - 5 Years

Licensed in South Dakota

Yes

Amount

$2,500-$35,000

Min. Credit Score:

660

APR

6.99-24.99%

Approval

1 Day

Terms

24 - 84 Months

Licensed in South Dakota

Yes

Amount

$7,500 - $40,000

Min. Credit Score:

680

APR

6 - 15%

Approval

1 - 7 Days

Terms

36 - 84 months

Licensed in South Dakota

Yes

Payday Loan Laws in South Dakota 2021

According to the official law in South Dakota, payday loans are legal but highly regulated.

In fact, they don’t actually exist in their real power …

Why?

To explain why we make such a claim, let’s go back to a few years ago.

Till 2016, payday loans have been legal but regulated. Till then, the law has allowed lenders to charge up to 574% interest on their loans. This has been a great environment for predatory payday lenders to develop their businesses.

Then things change!

But before explaining that change, let’s explain the difference between personal loans and payday loans. In brief, personal loans are capped at 35.99% APR, payday loans APR average at 400%.

If we go back to this serious change in payday loan law in South Dakota, it’s obvious that this business was completely legal before this chance. With an allowed 574% interest, all predatory lenders still could continue running their business with no problems!

According to many studies, most payday loans lead people to a debt cycle or serious financial problems.

And one day, the laws in South Dakota have decided to stop that!

At this time, payday loans are technically legal if they are capped at 35.99%. But actually, this is the legit range for personal loans.

So we can conclude that the law in South Dakota only technically names payday loans legal. In fact, the law makes payday loans legit only if they stay very close to personal loans. That way, the law actually tries to protect people from the debt cycle.

Because of this change in 2017, 121 lenders did not renew their licenses and chose to leave the state. 75 stayed until they collected on existing loans.

The law in South Dakota allows payday loan lenders to release no more than $500. Only 4 rollovers are allowed.

How Can You Tell, Whether a Lender is Legit in South Dakota?

It’s easy. You only have to verify whether your lender is licensed in The Division of Banking in South Dakota. Here is the list of all licensed lenders in South Dakota. South Dakota requires all lenders to be licensed and abide by the actual laws. Here you can find the official law.

Allowed rates and fees in South Dakota:

In South Dakota, lenders can charge no more than $1.39 for a $100 loan given for 2 weeks.

Last, lenders are forbidden to take any criminal actions against borrowers.

Are you with bad credit? Do you feel that payday loans are your last option?

Wait …

We have something for you.

We have created the most advanced guide on bad credit loans. We highly recommend you to read and understand it. It will help you save a lot of money without sending you to predatory lenders.

Payday Loan Laws in South Dakota by Country

ElitePersonalFinance analysis of payday loan laws by countries in the State of South Dakota.

City Amount Allowed APR Allowed Status
Sioux Falls $500 36% Legal
Rapid City $500 36% Legal
Aberdeen $500 36% Legal
Brookings $500 36% Legal
Watertown $500 36% Legal
Mitchell $500 36% Legal
Yankton $500 36% Legal
Pierre $500 36% Legal
Huron $500 36% Legal
Spearfish $500 36% Legal
Vermillion $500 36% Legal
Brandon $500 36% Legal
Rapid Valley $500 36% Legal
Box Elder $500 36% Legal
Madison $500 36% Legal
Sturgis $500 36% Legal
Harrisburg $500 36% Legal
Belle Fourche $500 36% Legal
Tea $500 36% Legal
Pine Ridge $500 36% Legal
Dell Rapids $500 36% Legal
Hot Springs $500 36% Legal
Mobridge $500 36% Legal
Canton $500 36% Legal
Milbank $500 36% Legal
Blackhawk $500 36% Legal
Hartford $500 36% Legal
Dakota Dunes $500 36% Legal

Auto Title Loans in South Dakota 2021

Auto title loans in South Dakota are legal but highly regulated.

We at ElitePersonalFinance strongly recommend that you avoid payday loans and auto title loans. If you are with bad credit, read our advanced guide on bad credit loans, and find better options.

Best Auto Loans for Bad Credit in South Dakota 2021

Amount

$1,000 - $100,000

Min. Credit Score:

0

APR

From 1.99%

Licensed in South Dakota

Yes

Amount

$1,000 - $100,000

Min. Credit Score:

0

APR

From 1.99%

Licensed in South Dakota

Yes

Amount

Up to $100,000

Min. Credit Score:

0

APR

Vary

Licensed in South Dakota

Yes

Amount

Up to $100,000

Min. Credit Score:

0

APR

Vary

Licensed in South Dakota

Yes

Amount

Up to $100,000

Min. Credit Score:

0

APR

Vary

Licensed in South Dakota

Yes

Amount

$8,000 - $100,000

Min. Credit Score:

500

APR

2.74% - 27%

Licensed in South Dakota

Yes

Amount

$1,000 - $100,000

Min. Credit Score:

500

APR

From 3.09%

Licensed in South Dakota

Yes

Amount

$250 - $500,000

Min. Credit Score:

640

APR

2.99% - 21.99%

Licensed in South Dakota

Yes

Amount

$1,500 - $20,000

Min. Credit Score:

0

APR

18.00% - 35.99%

Licensed in South Dakota

Yes

Amount

$1,000 - $45,000

Min. Credit Score:

0

APR

From 0.99%

Licensed in South Dakota

Yes

Amount

$1,000 - $35,000

Min. Credit Score:

0

APR

From 1.99%

Licensed in South Dakota

Yes

Amount

$7,500 - $50,000

Min. Credit Score:

500

APR

From 3.39%

Licensed in South Dakota

Yes

Amount

$5,000 – $55,000

Min. Credit Score:

510

APR

3.99% - 24.99%

Licensed in South Dakota

Yes

Amount

$1,000 - $100,000

Min. Credit Score:

0

APR

3.90% - 27.90%

Licensed in South Dakota

Yes

Best Auto Loans for Good Credit in South Dakota 2021

Amount

$1,000 - $100,000

Min. Credit Score:

0

APR

From 1.99%

Licensed in South Dakota

Yes

Amount

$1,000 - $100,000

Min. Credit Score:

0

APR

From 1.99%

Licensed in South Dakota

Yes

Amount

$1,000 - $100,000

Min. Credit Score:

500

APR

From 3.09%

Licensed in South Dakota

Yes

Amount

$250 - $500,000

Min. Credit Score:

640

APR

2.99% - 21.99%

Licensed in South Dakota

Yes

Amount

$5,000-$100,000

Min. Credit Score:

660

APR

4.99% to 9.19%

Licensed in South Dakota

Yes

Amount

$7,500 - $50,000

Min. Credit Score:

500

APR

From 3.39%

Licensed in South Dakota

Yes

Amount

$8,000 - $100,000

Min. Credit Score:

500

APR

2.74% - 27%

Licensed in South Dakota

Yes

Amount

$1,000 - $100,000

Min. Credit Score:

0

APR

3.90% - 27.90%

Licensed in South Dakota

Yes

Amount

$3,000 - $100,000

Min. Credit Score:

650

APR

From 3.12%

Licensed in South Dakota

Yes

Amount

$5,000 - $100,000

Min. Credit Score:

640

APR

From 3.54%

Licensed in South Dakota

Yes

Amount

$5,000 – $55,000

Min. Credit Score:

510

APR

3.99% - 24.99%

Licensed in South Dakota

Yes

Amount

$5,000 - $100,000

Min. Credit Score:

600

APR

3.54% - 10.24%

Licensed in South Dakota

Yes

Amount

$1,500 - $20,000

Min. Credit Score:

0

APR

18.00% - 35.99%

Licensed in South Dakota

Yes

FHA Loans in South Dakota

South Dakota has 65 counties with FHA Limits ranging from a low of $331,760 for a 1-bedroom unit in Aurora County to a high of $638,100 for a 4-bedroom unit in Aurora County.

County Single Unit Limit (lowest) Four-Plex Limit (highest)
Aurora County $331,760 $638,100
Beadle County $331,760 $638,100
Bennett County $331,760 $638,100
Bon Homme County $331,760 $638,100
Brookings County $331,760 $638,100
Brown County $331,760 $638,100
Brule County $331,760 $638,100
Buffalo County $331,760 $638,100
Butte County $331,760 $638,100
Campbell County $331,760 $638,100
Charles Mix County $331,760 $638,100
Clark County $331,760 $638,100
Clay County $331,760 $638,100
Codington County $331,760 $638,100
Corson County $331,760 $638,100
Custer County $331,760 $638,100
Davison County $331,760 $638,100
Day County $331,760 $638,100
Deuel County $331,760 $638,100
Dewey County $331,760 $638,100
Douglas County $331,760 $638,100
Edmunds County $331,760 $638,100
Fall River County $331,760 $638,100
Faulk County $331,760 $638,100
Grant County $331,760 $638,100
Gregory County $331,760 $638,100
Haakon County $331,760 $638,100
Hamlin County $331,760 $638,100
Hand County $331,760 $638,100
Hanson County $331,760 $638,100
Harding County $331,760 $638,100
Hughes County $331,760 $638,100
Hutchinson County $331,760 $638,100
Hyde County $331,760 $638,100
Jackson County $331,760 $638,100
Jerauld County $331,760 $638,100
Jones County $331,760 $638,100
Kingsbury County $331,760 $638,100
Lake County $331,760 $638,100
Lawrence County $331,760 $638,100
Lincoln County $331,760 $638,100
Lyman County $331,760 $638,100
Marshall County $331,760 $638,100
Mccook County $331,760 $638,100
Mcpherson County $331,760 $638,100
Meade County $331,760 $638,100
Mellette County $331,760 $638,100
Miner County $331,760 $638,100
Minnehaha County $331,760 $638,100
Moody County $331,760 $638,100
Pennington County $331,760 $638,100
Perkins County $331,760 $638,100
Potter County $331,760 $638,100
Roberts County $331,760 $638,100
Sanborn County $331,760 $638,100
Spink County $331,760 $638,100
Stanley County $331,760 $638,100
Sully County $331,760 $638,100
Todd County $331,760 $638,100
Tripp County $331,760 $638,100
Turner County $331,760 $638,100
Union County $331,760 $638,100
Walworth County $331,760 $638,100
Yankton County $331,760 $638,100
Ziebach County $331,760 $638,100

Business Loans in South Dakota

Amount

Up to $10,000,000

APR

Vary

Min. Credit Score:

0

Licensed in South Dakota

Yes

Amount

$5,000 - $500,000

APR

9.77% - 35.98%

Min. Credit Score:

600

Licensed in South Dakota

Yes

Amount

$5,000 - $500,000

APR

5.99% – 35.99%

Min. Credit Score:

500

Licensed in South Dakota

Yes

Amount

Up to $250,000

APR

24% – 99%

Min. Credit Score:

560

Licensed in South Dakota

Yes

Amount

Up to $350,000

APR

9.28 - 10.52%

Min. Credit Score:

650

Licensed in South Dakota

Yes

Amount

Up to $350,000

APR

10.00 - 25.00%

Min. Credit Score:

680

Licensed in South Dakota

Yes

Amount

$75,000 - $5,000,000

APR

5.50 - 8.25%

Min. Credit Score:

650

Licensed in South Dakota

Yes

Amount

Up to $500,000

APR

12.18 - 36.00%

Min. Credit Score:

660

Licensed in South Dakota

Yes

Amount

Up to $500,000

APR

9.00 - 99.00%

Min. Credit Score:

600

Licensed in South Dakota

Yes

Amount

Up to $5,000,000

APR

15.00 - 78.00%

Min. Credit Score:

600

Licensed in South Dakota

Yes

Amount

Up to $1,000,000

APR

Vary

Min. Credit Score:

0

Licensed in South Dakota

Yes

Amount

$6,000 to $250,000

APR

Vary

Min. Credit Score:

0

Licensed in South Dakota

Yes

All Licensed Credit Unions in South Dakota

Name City Size (Millions) Members
BLACK HILLS FEDERAL CREDIT UNION Rapid City $910.03 52236
SIOUX FALLS FEDERAL CREDIT UNION Sioux Falls $163.39 23241
DAKOTALAND FEDERAL CREDIT UNION Huron $197.46 18370
SERVICE FIRST FEDERAL CREDIT UNION Sioux Falls $121.15 14775
GOOD SAMARITAN FEDERAL CREDIT UNION Sioux Falls $22.89 10602
ABERDEEN FEDERAL CREDIT UNION Aberdeen $92.69 10465
SIOUX EMPIRE FEDERAL CREDIT UNION Sioux Falls $75.10 10025
VOYAGE FEDERAL CREDIT UNION Sioux Falls $67.16 9715
HIGHMARK FEDERAL CREDIT UNION Rapid City $82.21 8659
SENTINEL FEDERAL CREDIT UNION Box Elder $57.92 7108
NORTHERN HILLS FEDERAL CREDIT UNION Sturgis $46.05 6355
SERVICES CENTER FEDERAL CREDIT UNION Yankton $40.65 6348
RAPID CITY TELCO FEDERAL CREDIT UNION Rapid City $43.52 5878
DAKOTA PLAINS FEDERAL CREDIT UNION Lemmon $39.48 4577
DAKOTA STAR FEDERAL CREDIT UNION Rapid City $18.02 4058
MED5 FEDERAL CREDIT UNION Rapid City $41.06 3750
HEALTHCARE PLUS FEDERAL CREDIT UNION Aberdeen $35.07 3655
DAKOTA TERRITORY FEDERAL CREDIT UNION Deadwood $30.38 3066
SIMPLY SERVICE FEDERAL CREDIT UNION Belle Fourche $17.49 2820
EAST RIVER FEDERAL CREDIT UNION Madison $22.37 2794
OAHE FEDERAL CREDIT UNION Pierre $16.44 2644
AIR GUARD FEDERAL CREDIT UNION Sioux Falls $19.26 2406
AVANTI FEDERAL CREDIT UNION Watertown $13.29 2314
VERMILLION FEDERAL CREDIT UNION Vermillion $12.09 2160
FT RANDALL FEDERAL CREDIT UNION Pickstown $14.19 2089
MITCHELL AREA FEDERAL CREDIT UNION Mitchell $19.35 2074
SISSETON-WAHPETON FEDERAL CREDIT UNION Goodwill $4.19 2035
M O FEDERAL CREDIT UNION Huron $21.63 1979
FIRST CENTURY FEDERAL CREDIT UNION Sioux Falls $17.14 1841
NORSTAR FEDERAL CREDIT UNION Britton $29.07 1815
SIOUX VALLEY COOP FEDERAL CREDIT UNION Watertown $10.74 1785
RUSHMORE ELECTRIC FEDERAL CREDIT UNION Rapid City $20.91 1736
MINUTEMAN COMMUNITY FEDERAL CREDIT UNION Rapid City $12.82 1324
PALACE CITY FEDERAL CREDIT UNION Mitchell $6.92 1264
DACOTAH FEDERAL CREDIT UNION Rapid City $11.23 1184
UNITED METHODIST FIRST CHOICE FEDERAL CREDIT UNION Rapid City $4.42 1164
CONSOLIDATED-HUB CO FEDERAL CREDIT UNION Aberdeen $4.71 1158
HB TELCO FEDERAL CREDIT UNION Huron $4.17 1144
HURON AREA EDUCATION FEDERAL CREDIT UNION Huron $14.30 1122
COTEAU VALLEY FEDERAL CREDIT UNION Sisseton $6.58 1114
CONSUMER’S FEDERAL CREDIT UNION Gregory $9.25 961
HURON C & N W FEDERAL CREDIT UNION Huron $5.11 725
MITCHELL TEACHERS FEDERAL CREDIT UNION Mitchell $2.10 480
S O D E S FEDERAL CREDIT UNION Aberdeen $2.77 473
CR COMMUNITY FIRST FEDERAL CREDIT UNION Eagle Butte $0.95 336
GLACIAL LAKES EDUCATIONAL EMPLOYEES FEDERAL CREDIT UNION Watertown $0.92 272
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