Payday loans in South Dakota

Payday loans in South Dakota

Need Money Fast?

Payday loans can be regarded as an emergency relief fund that allows you to settle some mini expenses so that you don’t get into long-term debt. Most people apply for cash advances before they get their next paycheck to settle some bills. If you are unable to get other types of credit, you should be able to get a payday advance because many lending companies offer this with the hope of getting high payments in return.

Hence, if you’re in South Dakota planning a holiday, need to pay some urgent bills, or want to avoid asking people for money, here’s a worthy option you can explore.

Best payday loans in South Dakota

If you are looking for the best lenders in South Dakota, here is a list and a short review of what they offer.


PayDaySay is a company that connects third-party lenders with borrowers. They don’t make credit decisions, and they are not direct creditors. When it comes to fees, APR, credit terms, and other conditions, they are determined by the creditors. PayDaySay has a seamless application process without needing many requirements.

In most cases, all you need to submit is your contact information, Social Security number, and bank details. Additionally, most creditors will request evidence of a regular source of income before approving your lending request. The minimum loan amount is $100, which means you can request up to $500 for a payday advance. You can expect a quick approval alongside a smooth repayment process.


This company offers individuals a fast way to access several multiple short-term creditors. So, even with bad credit, you can get a lender willing to help you. They are in the U.S. with a minimum loan amount of $100. In addition, they have a fast turnaround time and a favorable payback term ranging from 6 months to 6 years.

Before you get any advance, you need to meet the requirements of most creditors like a bank account, source of income, above the age of 18, and US citizen. Using this South Dakota payday loans online comes with a fast process and a wide variety of loan terms. The downside of this service is that you can only communicate via email, as they have no phone number on their website. But, overall, it is a great place to get a creditor for urgent cash.


Monevo is a well-known lending connection service that connects borrowers with creditors. You can get up to an amount of $500. The loan term ranges from 6 months to 12 years, depending on the amount you borrow. You can access this company online, and when you are connected to a lender, it won’t affect your credit score.

It is also easy to get a lender within a few minutes. To qualify to be paired with any of the lenders, you need an active bank account, and you must be resident in the U.S. You will also need to submit your basic biodata and other info like your contact information and Social Security number. It is a great place to get a cash advance because you can get any amount you need with a low credit score like 450.

Chime SpotMe Chime SpotMe

If you are looking for short-term loan options like online payday loans, this company is a good option. This company provides individuals with overdrafts with an almost-instant turnaround time. In addition, they offer up to $500 in line with South Dakota’s law for payday credit.

If you already have a Chime account, you are entitled to cash advance features and overdraft protection. To qualify for this service, you must submit your contact information, bank account details, and Social Security number. With this company, you don’t have to wait long before receiving funds. Getting access to cash is instant, and repaying is equally easy and fast.


LendYou is a credit connection service connecting third-party creditors with borrowers. The minimum loan offer is $100, and the turnaround time is usually the same or the next business day. When you apply for credit, the company sends it to its affiliated creditors.

If any of them think you’re a great fit, they will reach out to you with an offer. There are no restrictions on how to use your money, provided you’re using it for legal purposes. Additionally, you don’t have to bother about not getting a creditor if you have bad credit. Your score doesn’t prevent your approval. Some of their affiliate partners can charge a high APR if you take a short-term overdraft.

Nothing stops you if you want to opt for this type of overdraft in South Dakota. According to the laws in this place, it is legal to apply for payday loans online South Dakota state However, there are some laws guiding this type of financing. For example, you can only apply for this type of financing one at a time.

You will not be permitted to apply for another until you’ve finished paying off your debt. Therefore, before you apply for credit financing, you need to research the available creditors and compare their requirements to avoid unfavorable ones.

Why might you need South Dakota payday loans?

This type of overdraft is for people likely to be financially stranded. Bearing in mind that some financial constraints can set in anytime, opting for this financing helps borrowers to make some urgent yet important payments. Another reason this financing exists is that many other options do not come with a fast application and approval process.

If you want to apply for a South Dakota payday loan online, you will spend a few minutes completing your application. Then if everything goes well, you will get your money within a short period. You also don’t have to bother about a negative credit score because most creditors don’t bother to check.

All they need to verify is if you have a stable source of income and you’re good to go. Before you apply for this funding, ensure you understand how it works in all ramifications so that you will know what to expect.

Terms for payday loans in South Dakota

South Dakota comes with a lot of regulations for credit advances. These regulations are usually in place to protect the consumers so that they don’t experience more than what they bargained for.

The maximum amount you can request is $500. Also, the term for a cash advance ranges from 13 days to six months. When you take one credit advance at a time, you are only permitted to extend the loan to a maximum of four times.

Loan Amounts

When you want to apply for an advance in South Dakota online, there is no specified minimum amount. Whereas, as mentioned earlier, you can request up to $500. When it comes to the repayment period, it depends on the terms set by your creditors. However, you are open to agreeing with them personally if you desire some flexibility.

Before applying for a cash advance, you must be above the minimum legal age (18 years). Also, you must be a citizen of the United States of America, and you must have a constant source of income. Before getting the money you need, you’ll have to match the lender’s requirements.

In most cases, they don’t usually demand much because they know that anyone applying for it needs urgent cash. However, prepare the following information: Name, Social Security number, valid ID, and date of birth.

Loan Terms

When you want to take this type of credit advance in SD, one important point to note is that the minimum repayment period is 13 days, and the maximum is 30 days. Additionally, you can only apply for a payday loan one at a time.

Hence, you will not be given another one until you complete payment for the pending borrowed sum. If a borrower cannot repay their advance within the stipulated period, an arrangement can be made with a lender to modify the payment plan.

The law provides the opportunity to extend your loan to a maximum of four times. Similarly, no licensed lender has permission to roll over or renew the short-term lending of a customer more than four times.

Loan Rates

According to the law in South Dakota, all payday lenders are required not to task a finance charge of more than $1.39 for a $100 loan with a repayment period of 2 weeks.

Importantly, the APR is set at 36%, which prevents creditors from charging higher rates when giving out advances. Before taking an overdraft, check in with your creditor to be sure of their rates before signing any document. If you are unsure of what to expect when borrowing money, you can see a professional that can help you navigate this situation.

Pros and Cons of Payday loans in South Dakota

Even though this type of cash advance looks promising to bring you out of your financial situation, you need to weigh the advantages and disadvantages to see where you stand. This is because many borrowers often end up being unable to pay because they were unaware of some requirements.

Pros Cons
  • They can be easily accessed

Being able to access this credit advance is one of the biggest perks. Most of the creditors are always available round the clock. So, there is a tendency to apply and get paid within 24 hours. This makes it better than the traditional option, which can take a long time.

  • They come with fewer requirements

You don’t have to stress much when submitting an application and understanding the lender’s requirements. Most times, they request basic details like your biodata, valid ID, and proof of income. Once you meet these requirements, you will get your money in no time.

  • Your credit is not a barrier

When you want to apply for other types of overdrafts in SD, your credit history might be important. However, in this case, you don’t have to worry about it because they don’t check your credit report.

  • They are considered exploitative

Many experts see this type of financing as unfair because of the terms that come with repayment and failure to keep up. Therefore, you must be ready for the consequences if you cannot pay off your debt.

  • You can get stuck in a debt cycle

When you extend your loan, it attracts additional fees, which makes you pay more than expected. If you roll over your advance, it can take longer to pay off.

What will South Dakota payday loan cost?

Most of the types of overdraft in South Dakota come with a high annual percentage rate. This is the interest rate that comes with the overdraft amount. Hence, they are calculated alongside the finance charges/interest and rollover fee (in some cases) to get the total amount you will pay.

The general way of calculating the annual percentage rate can be split into three parts. 1: (Finance charge/Loan) * 365 = Y 2: (Y/term) * 100

Before getting this credit advance, you need to know each lender’s terms and conditions. You are advised not to depend on one lender in this case, as it is best to explore different options before settling for the one that is less demanding and affordable. Some of them also come with a payday loan calculator that allows you to know the exact amount you will pay back.

South Dakota payday loans if the Credit Rating is Poor

When you want to take this type of credit advance in South Dakota, you don’t have to worry about your credit rating. One of the primary reasons why they exist is to help people with unfavorable credit ratings.

So, don’t expect the lender to conduct a hard inquiry on your credit report. However, you need to be able to prove that you can repay your debt on or before the stipulated period. If it looks impossible, you can request a rollover at a cost. The maximum number of times you can apply for a rollover is 4.

What are the alternatives to South Dakota payday loans?

Apart from payday financing, you can get other affordable alternatives that might not come with high-interest rates.

  1. Use a cash advance app: There are some cash advance apps that provide you with cash to foot some emergency bills. They allow you to borrow from your incoming paycheck before it gets to you. Usually, you might pay a small fee to use this service.
  2. Your loved ones: One of the ways to avoid paying off huge debt with high rates is by reaching out to your loved ones. You might be fortunate to get a long repayment period with little or no interest. In some cases, your debt might be written off.
  • Buy Now, Pay later: If you need emergency money to get an item, you can use the buy now, pay later option. Using this plan doesn’t attract a hard inquiry check. Depending on the retailer, you can pay in installments.
  • Credit union: Another affordable alternative to explore is the credit union, which is usually from community organizations. Credit unions provide lending options at low-interest rates, and they encourage their members to save often. If you join a credit union, you will likely get some money to pay your bills easily.
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Frequently Asked Questions

Yes, you can take a payday loan in SD. If you have a list of expenses and bills, you need to prioritize the urgent ones so that you don’t borrow more than what you need before your next paycheck.

All payday financing is calculated with an annual percentage rate. Before you apply for a cash advance, ensure you learn how to calculate an APR before applying. You can also compare APRs across different lenders.

The South Dakota law permits you to get a payday advance one at a time. You need to pay up your outstanding debt before getting another one. Most times, creditors look at your ability to quickly repay your debt before giving you another.

This state is one of the few that allow people to take this type of cash advance. However, the available maximum amount to borrow is $500. There is no specified minimum amount, as it depends on the lender.

A lender can report you to the authorities if you cannot meet up with payment. This might probably come after you’ve exhausted the extended plan.

The only way creditors can garnish your wages in SD is to request permission from a court. This permission is called a money judgment, allowing them to get their debt from your paycheck, credit cards, etc.

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