Payday Loans in South Dakota

Why Do Residents of South Dakota Take Out Payday Loans?

People in South Dakota decide to use payday loans or other short-term loans for a variety of reasons. Sometimes, low-income families, senior citizens, or other individuals use them to make ends meet between paychecks, ensuring they can pay rent and utilities while keeping gas in the car and food on the table. Other people use them for financial emergencies, such as a car breaking down. Still others use them to get ahead on a mortgage, car, or credit card payment. The reasons truly depend on the individual or the family, their current income, and their needs.

Payday Loan Regulations in South Dakota

Payday loans in South Dakota are severely limited, so much in fact that only a few stores remain in operation in the state. This change occurred when a ballot vote in November 2016 capped the maximum annual percentage rate at 36%, well below those of other states. The fees and finance charges are unspecified, which makes it even harder for people to determine whether a short-term loan in South Dakota is an option that will work for them.

Statistics About Payday Loans in South Dakota

Payday loans are not a common financing method in South Dakota due to the strict regulations. Only a handful of providers remain in the state. Instead, most residents of South Dakota who find themselves in need of quick cash use alternative methods. For some, this means driving hours to one of the few lenders, using credit union loans, or pawning their belongings. However, most residents turned to online, out-of-state providers of payday loans instead.

Those who do decide to use payday loan places have limited options due to S.D. Codified Laws 54-4-36 et seq. The maximum amount for a payday loan in South Dakota is $500, although the terms are not specified. However, it is known that the maximum finance rate and fees is 36%APR, which means a charge of $1.39 on a 2-week loan of $100. There are also no specifications for debt limits for the most part, including how many loans an individual can take out at one time.

However, they can have four rollovers via methods included renewal, or flipping, but only if the borrower pays an outstanding fee each time. Finally, the collection fees and criminal action information do not have any specifications, either. Full details are available by contacting the South Dakota Division of Banking.

What makes Snappy Payday Loans different?

We're working hard to restore the reputation of payday loans, cash advances and other short-term lending services. We believe that all kinds of people should have access to the financial products which can help them to deal with unforeseen expenses even if they have less than exemplary credit records. Unfortunately, the reputation of payday loans in Florida has been marred by less than reputable lenders who prey on the financially vulnerable.

If you've made the informed decision to take out a payday loan you can do so safe in the knowledge that Snappy Payday Loans can help you do so in the safest way possible. Remember we are not a payday lender. Instead we put you in touch with the right payday loans direct lenders in Florida to suit your needs, helping you to make a well informed and zero-obligation decision that's right for you and your household.

Know Your Rights

Your rights as a payday loan borrower aren't quite as transparent in South Dakota, but that is mostly because there aren't many in-state payday loan providers as in other states. Should you decide to use a brick-and-mortar loan place in the state, expect not to pay more than 36% in annual percentage rates and fees, but also know that you won't be able to borrow more than $500 at a time. The rest of the terms and conditions surrounding taking out a payday loan in the state are pretty vague, unfortunately. However, if you have further questions, or if you suspect your rights are being violated and want to make a formal complaint, you can do so by contacting the South Dakota Division of Banking. It is located on North Harrison Avenue in Pierre, South Dakota.

South Dakota Payday Loans and the Law Changes in 2019

This year, federal laws enacted regarding payday loans go into effect. These laws do not change state laws but also do not provide any additional consumer protection at the federal level. In fact, they take away protections. At the federal level, there are no longer strict limits on the amount of funding, the percentage rate caps, how many loans a person can have at one time, or how many times they can roll those loans over. That means that you will not receive any protection should you use an unscrupulous out-of-state lender instead of sticking to the few that are still available in the state of South Dakota.

Because of the lack of protection, it is vital to know the laws and your financial limits. If can be tempting to take out more than you need when dealing with payday loans, but this puts you into a never-ending cycle of debt. If you only need a couple hundred to pay a bill, only take what you need. Taking more for "extra" fun money is likely to cause you more problems in the future.

How the Loan Process Works

When you apply for payday loans through our website, the process is completely secure and confidential. Our 128-bit encrypted connection transmits your application to our partners without the risk of interception by third parties.

We pride ourselves on our simple, streamlined application process. Most people are approved if they meet the following requirements:

• Have an active checking account in good standing
• Are a permanent resident or citizen of the United States
• Are age 18 or older
• Have had a job for at least one month
• Can supply a working phone number and email address

The Types of Lenders Available

You can get payday loans and cash advances in Florida either online or in person. Scores of brick-and-mortar lenders operate in Florida, and some of these lenders also operate online. You can go in person during the lender's business hours or call the lender and begin the process that way. Alternatively, you can fill out an online request form if the lender has one.

Then there are online-only companies such as Snappy Payday Loans. We offer a variety of helpful features:

• With our quick service, most loans distributed within one business day.
• Loans are deposited right into your bank account.
• Lenders are often willing to work with applicants who have bad credit.
• You only have fill out a simple online form.

We do not loan you the money, but we use the information you submit to match you with a direct lender (assuming you qualify for a loan). The direct lenders working with us operate by Online Lenders Association best practices. This online option is convenient because you don't have to leave your home and wait in line or wait for a business to open. We process applications on secure servers 24 hours a day, seven days a week.

Get Cash Now

If you want a loan as soon as possible, check out our easy online form. Start the process here and see if you're matched to a lender. If you don't like the rates or terms proposed, you are under no obligation to accept the offer. It's a win-win situation in which you get to see whether you qualify and what the terms are like.

Frequently Asked Questions

Kelly Stone - President