Cash Advance and Payday Loans in South Dakota

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Currently, South Dakota is one of the most regulated states when it comes to cash advances. State laws make it a relatively safe place for consumers to obtain payday loans. If you consider taking out a loan, make sure you understand the latest South Dakota cash advance laws. To get started with your loan request right now, head on over to our secure loan request form.

South Dakota Cash Advance and Payday Loan Rules and Regulations

Closeup view of Mount Rushmore in South Dakota.

In South Dakota, you can request a cash advance of up to $500. State law caps APR for small loans at 36%. The loan term is between 13 days and six months. Remember, though, the less time it takes you to pay off the loan, the less interest you may end up paying. Lenders cannot charge more than $1.39 in finance charges for a two-week $100 loan. You can only take out one loan at a time; however, you can extend the loan up to four times. Lenders may not take any legal action against borrowers.

South Dakota Cash Advance Lenders by City

  • Sioux Falls – The Loan Factory, Dakota Cash Advance, My South Dakota

  • Rapid City – Rush More Cash, Advance Cash America, Cash with Us

  • Aberdeen – Dollar Loan Center, EZ Advance, Money Lenders

  • Watertown – Check Into Cash, Check 'n Go, Cash Spot

  • Pierre – Advance America Cash Advance, Direct Check, EZ Advance

How to Get a Payday Loan in South Dakota

If you fill out our online payday loan request form, we can pair you with a potential lender. When choosing to work with a lender, consumers should ensure the company follows all state payday loan regulations. Fortunately, there are many reputable lenders in the state, both online and in-store. Lenders may require the borrower to complete a request form.

To be eligible for a cash advance in South Dakota, there are a few requirements borrows must meet, including:

  • Be 18 years of age or older

  • Receive income or benefits

  • Maintain an active checking account

  • Have a valid address and phone number

  • Possess a government-issued photo ID

Installment Loans in South Dakota

Installment loans are small-dollar, short-term cash advances that may offer higher loan amounts and flexible repayment. Borrowers repay installment loans in equal monthly payments. Typically, installment payments span up to one year.

Installment Loan Regulations for South Dakota

The regulations for payday loans also pertain to installment loans. There is no maximum amount specified in South Dakota state law, meaning that you can borrow as much as the lender may offer. Typically, people take out installment loans when they want a loan ranging between $500 and $3,000.

Requesting Title Loans in South Dakota

Another small-dollar, short-term loan that consumers may consider is an auto title loan. These loans are taken out against a borrower's vehicle, meaning that a vehicle title is used as collateral. Title loan amounts typically range between $100 and $5,500, or 25% to 50% of the car's value. Some lenders may offer loans up to $10,000.

To request a car title loan, visit a storefront where they are offered or search for a lender online. If you qualify, the lender may ask for photos of the vehicle. Additionally, the lender may inspect the vehicle and offer you an amount based on the vehicle's value. As part of the loan agreement, you may need to turn over the hard copy of your vehicle's title.

Car Title Loans Laws in South Dakota

As per South Dakota law, APR is capped at 36%. Most title loans last less than 30 days but can be renewed up to four times. There is no cap on how much lenders can give you, making car title loans a viable option for South Dakotans looking to borrow more than the $500 payday loan cap. However, your vehicle must be lien-free.

Car title lenders may repossess your vehicle if you do not make payments on time or at all. For this reason, car title loans can be risky for borrowers.

Title Loan Requirements

To receive a title loan in South Dakota, you must meet the following eligibility requirements:

  • Be at least 18 years of age

  • Have a valid government-issued ID

  • Have proof of residency in South Carolina

  • Have proof of income

  • Provide the lender with the hard copy of a lien-free car title

Final Thoughts

South Dakota is known as the Land of Plenty, and we have a network of lenders who may help you find financing. Complete the loan request form on this page to see if you qualify for up to $500.


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