Payday Loans in South Dakota
Payday Loans in South Dakota

Payday Loans in South Dakota | Online Cash Advances

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Whatever the problem you face, it’s better to turn to professionals in order to solve it fast and efficiently. At 1F Cash Advance, you can get a payday loan in minutes to address your urgent financial issues. With our help, South Dakota residents can access prompt financial assistance within one business day. We turned the process of getting payday loans in South Dakota into a hassle-free deal. Apply online or visit our store and get the high-quality financial products you deserve!

What Can Be the Reason for Taking out a Payday Loan in South Dakota?

A short-term loan can be a helpful source of extra cash for various financial needs or troubles. In most cases, South Dakota residents use payday loans to address small emergencies or cover unplanned expenses. A payday loan can also save your day if you suddenly run out of cash and need more money to make it to your next paycheck.

The most popular reasons for getting short-term loans include car emergencies, rent, utility bills, medical expenses, credit card payments, and various utmost necessities, such as buying groceries or covering transportation costs.

How Do South Dakota Payday Loans Work?

South Dakota payday loans are a financing option for short-term emergencies. They work as follows: you get a lump sum deposit of up to $500 and repay the principal amount plus lender’s fees in full when you receive your next paycheck. The amount can be spent on any personal needs. However, it’s recommended to use them responsibly due to a high interest rate and a limited repayment term.

South Dakota Payday Loans: Law and Regulations

Payday lending is legal in South Dakota, but some restrictions are applied to protect vulnerable borrowers from exorbitant finance charges. The document that regulates payday loans in the state is S.D. Codified Laws 54-4-36 et seq. According to the lending rules, both online and storefront payday lenders must be licensed to offer their products to customers. They must also follow certain restrictions regarding maximum payday loan amounts and interest rates.

Terms and Interest Rates of Cash Advance and Payday Loans in South Dakota

The maximum loan amount you can get with a payday loan in South Dakota is $500. The minimum loan term is 13 days, while the maximum repayment period is not specified. At the same time, borrowers in South Dakota can request up to 4 rollovers.

Since 2016, the state has capped a payday loan annual percentage rate (APR) at 36%. Additionally, lenders can apply finance charges that must not exceed $1.39 for $100 borrowed for a two-week loan.

How Can I Apply for a South Dakota Payday Loan?

A South Dakota payday loan usually comes with a fast and straightforward loan process. You can get it online or visit a payday lender’s store. In both cases, you will be asked to fill out a simple loan request form. It typically contains questions about some of your basic personal and financial information.

After you submit a form, the lender reviews your application details to determine whether you’re eligible. It performs only a soft credit check that doesn’t affect your credit score and can be completed in a matter of minutes. Then, you get an almost instant loan decision. If approved, you need to simply sign a loan agreement online or in a store. After this, the funds will be deposited into your active checking account within one business day.

Also, some basic eligibility requirements must be met in order to qualify. South Dakota residents need to:

  • Be over the age of 18;
  • Have an active bank account and provide a lender with access to its balance;
  • Be a legal US resident who permanently lives in South Dakota;
  • Have a verifiable source of monthly income.

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What Payday Loan Alternatives Are Available in South Dakota?

For situations when payday loans don’t seem the right choice, South Dakota residents can consider the following alternatives.

Installment Loans

An installment loan allows you to divide your loan cost by several monthly payments, making your debt more manageable. You can get the needed sum on hand and repay it partially within up to 24 months. Additionally, installment loans can help you with more expensive purchases due to amounts of up to $5,000 available.

Car Title Loans

Car title loans use your vehicle’s title as collateral in exchange for up to 50% of your car’s price. You don’t need to leave your auto at the lender’s location but can lose it if you don’t repay the loan on time. Just like with payday loans, the repayment is typically made by your next paycheck.

Bad Credit Personal Loans

A bad credit personal loan is an option for people who need a significant amount but have less-than-ideal credit. This loan type can provide you with up to $15,000 for up to 60 months. Although it’s a budget-friendly option, you will be asked to meet higher income requirements.

Credit Card Cash Advances

A credit card cash advance allows you to get money right away by withdrawing it from your credit card balance. This way, you don’t need to apply and wait for approval. But keep in mind that this credit card debt can be quite expensive. Try only to use it as a last resort and repay the funds as soon as possible, as the interest rate accrues from the moment you withdraw cash.

Discover Payday Loan Stores of 1F Cash Advance in South Dakota

Looking for a way to get a loan till paycheck in South Dakota? Our team is always here to help! Visit us at 102 N Krohn Pl ste 212, Sioux Falls, SD 57103, and let us help you navigate the loan application process. We work with reputable lenders only and charge no extra fees for connecting you with them. Whatever the situation you get into, we can help you find a way out!

102 N Krohn Pl ste 212, Sioux Falls, SD 57103
[email protected]

1F Cash Advance payday loans in SD
Cash advance in SD
Payday loans in SD

Find a Payday Loan Near Me

Even if you live out of South Dakota, 1F Cash Advance can still help you get fast financial support. Our stores are also available to residents of Alaska, Hawaii, Maine, Minnesota, Montana, Nebraska, and New Hampshire. Whenever you need the money most, we’re always on guard for your financial future! Learn more about our branches in other states below.


How Can I Repay a South Dakota Payday Loan?

Payday loan repayment is usually an automatic process. The lender will make a withdrawal directly from your bank account when the due date comes. Storefront lenders may also ask you to provide a post-dated check on the total loan cost.

Can I Extend My Payday Loan Term in South Dakota?

Sure, you can! South Dakota citizens can request up to 4 rollovers for their payday loans. You can also ask a lender about a repayment plan to pay off your loan in a series of monthly installments.

What Institution Can Help Me Resolve Disputes with a Payday Lender in South Dakota?

If you need to file any banking or credit complaints, feel free to contact the South Dakota Division of Banking.

Latoria Williams

Written by: Latoria Williams

Published: Sep 14, 2023