Payday Loans in South Dakota
- Apply online or at a location
- Instant approval decision
- Same-day funding available
- Options for bad and good credit
Why Trust Us?
1F Cash Advance has been providing emergency loans since 2019. We are licensed and operate under state laws. Over 140,305 consumers have already benefited from our services, both online and in stores.
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When an emergency bill pops up, most people can’t pay it from savings. 37% of U.S. adults would struggle to cover a $400 surprise expense [1]. South Dakota tried to shield residents from high-cost debt by capping short-term loan rates at 36 % APR in 2016. This move keeps about $81 million a year in borrowers’ pockets instead of lenders’ [2,3]. Yet the need for fast cash hasn’t gone away.
That’s where 1F Cash Advance steps in. We’re offering 24/7 online access to legal and safe payday loans with instant approval, no credit check, and fast funding. Apply in minutes from anywhere, get a same-day deposit, and handle your urgent costs today without hassle.
Payday Loan Laws in South Dakota
South Dakota’s payday lending market changed dramatically after 76% of voters approved Initiated Measure 21 in 2016, locking the all-in cost of any short-term loan at 36% APR [4]. The cap drove most triple-digit-rate storefronts out of business–121 direct lenders surrendered their licenses in the first year, and another 75 began winding down operations, leaving borrowers to look for regulated, lower-cost options [5].
Today, state law (S.D. Codified Laws §§ 54-4-65 & 66) sets clear guardrails [6]:
- Max loan amount: $500 total across all outstanding payday loans.
- APR ceiling: 36%, fees included.
- Rollovers: Limited to four per loan, with mandatory fee and 10% principal reduction each time.
- One loan at a time: No overlapping advances for the same borrower.
How to Apply
At 1F Cash Advance, we’ve streamlined the application process:
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Apply online. Fill out a short, secure form and upload basic documents like ID and income proof. It takes less than 5 minutes.
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Get verified. The underwriting process involves a soft credit check that won't affect your score. Most decisions arrive within minutes.
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Receive your funds. Once approved and signed, your loan will be transferred via a direct deposit on the same day or next business day.*
*Same-day funding available for applications submitted before 10:30 am. Requests after this cutoff, on weekends, or holidays are processed the next business day.
Who Qualifies
Applicants need to meet the following requirements:
- Be at least 18 years old
- Have a valid government-issued photo ID
- Provide a Social Security number
- Show proof of steady income
- Have an active bank or checking account
- Have a current South Dakota residential address
- Provide valid contact details (phone number and email)
Rates and Terms
South Dakota law limits the maximum APR on small-dollar loans to 36%, with a standard finance charge of approximately $1.38 per $100 borrowed for a 14-day term. Payday loan amounts cannot exceed $500, and repayment terms typically range from 2 to 4 weeks.
State regulations also prohibit borrowers from having more than one active payday loan at a time. Lenders are not allowed to roll over a loan more than four times; each renewal requires that all fees be paid and the loan principal be reduced.
Below is an estimated breakdown of finance charges and total repayments for a 14-day loan term at a 36% APR.
| Loan Amount | APR | Finance Charge | Total Repayment |
|---|---|---|---|
| $100 | 36% | $1.38 | $101.38 |
| $200 | 36% | $2.76 | $202.76 |
| $300 | 36% | $4.14 | $304.14 |
| $400 | 36% | $5.52 | $405.52 |
| $500 | 36% | $6.90 | $506.90 |
Common Uses of Online Payday Loans
Online payday loans in South Dakota provide swift financial assistance for residents facing urgent expenses.
Typical uses include:
- emergency medical expenses
- vehicle repairs
- utility bills
- essential household needs (groceries or other necessities)
- rent or mortgage payments.
Customer notice: Payday loans are designed for short-term relief and should be used responsibly. It’s crucial to assess your repayment ability to prevent potential financial strain.
1F Cash Advance Store in South Dakota
1F Cash Advance offers reliable in-person service at our local store:
Those living farther away, including Rapid City, Aberdeen, Brookings, Watertown, and Mitchell, can apply online at any time. It’s a simple and secure way to access payday loans without the need to travel.
Looking for an out-of-state location? Find a 1F Cash Advance store near you.
Payday Loan Alternatives
If you’re looking for a larger loan amount or a longer repayment schedule, there are several lending options that provide more flexibility.
Installment Loans
Installment loans are a convenient solution when you need a higher borrowing limit with more time to repay the funds. At 1F Cash Advance, you can receive up to $5,000 for up to 24 months. Payments are fixed each month, making it easier to budget and manage your loan.
Title Loans
With a title loan, you can borrow up to 50% of your vehicle’s current value by using it as collateral. This can help you access more funds quickly while being able to drive the car while repaying the funds. Keep in mind that failure to repay on time may result in losing your vehicle.
Cash Advances
Cash advances can be useful for covering small gaps between paychecks. They may be drawn from a credit card, accessed through cash advance apps, or issued as a paycheck advance from your employer. Terms and conditions vary depending on the type of cash advance.
Family Loans
If you’re not ready to take out a traditional loan, consider asking a family member for help. This option is often interest-free and comes with flexible repayment terms that align with your current financial situation. Just set a clear agreement and stick to the terms so as not to ruin relationships.
Things to Know Before Taking Out a Payday Loan
Payday loans can be a quick fix when you’re out of cash. They’re easy to get, even if you have bad credit. But before you apply, it’s important to understand the risks.
These loans are usually due in full on your next payday. If you can’t repay them on time, you may need to take out another loan or renew the existing one for an additional fee. This can easily lead to a cycle of debt.
Before you decide, check if there’s a better alternative. An installment loan might offer more time to repay, with lower fees and manageable monthly payments. Always choose the option that best fits your budget and supports your long-term financial well-being.
Why Choose Us
When money is tight and time is critical, 1F Cash Advance is here to help quickly and without unnecessary paperwork.
Simple Requirements
No collateral, no guarantors, and no minimum credit score. Just proof of steady income and valid ID are needed to complete our 5-minute process.
Fast Access to Funds
Our same-day loan options are designed to provide you with cash when emergencies arise.
Secure and Trusted
Your privacy matters. We protect your data with advanced encryption and keep your information safe around the clock.
FAQ
How fast can I get an emergency loan in South Dakota?
With 1F Cash Advance, most applicants receive an approval decision in under five minutes. Once the loan agreement is e-signed, funds are usually deposited within 24 hours. Same-day funding is available for applications processed before 10:30 am on weekdays.
Will applying for a payday loan affect my credit score?
The approval process involves a soft credit check, which does not affect your credit score. Your credit may be impacted only if the loan goes into delinquency.
How do I file a complaint against a payday lender?
If you become a victim of illegal actions, gather your loan documents and submit a written or online complaint to the South Dakota Division of Banking, 1714 Lincoln Ave., Suite 2, Pierre SD 57501 (605-773-3421). If the issue persists, file a complaint through the CFPB's portal at consumerfinance.gov/complaint for federal review.
What lenders provide safe payday loans in South Dakota?
1F Cash Advance provides borrowers with trusted and licensed direct-lender payday loans. Also, if you're looking for safe payday loan options in South Dakota, local credit unions are your best bet. For example, Levo Credit Union and Service First Federal Credit Union offer small-dollar loans with clear terms and local service in Sioux Falls.