Installment and Personal Loans in South Dakota: Payday Loan Alternatives
One short form for installment loans with fixed monthly payments, offers from licensed lenders, and money sent to your bank account if you are approved. Larger personal loan requests up to $35,000 are also accepted.
Estimate uses 36% APR, the South Dakota cap for this loan size, repaid over 12 months. Your lender must disclose the exact APR and total cost. Your offer may differ.
Check my offers- South Dakota lenders must be licensed by the state
- Full cost and APR shown before you sign
- All credit types can apply; lenders may check credit
Installment Loans in South Dakota, requested online
South Dakota residents can request installment loans of $500 to $5,000 online from any of the 364 South Dakota cities we cover. South Dakota caps total interest, fees and charges on licensed money-lender loans, including payday loans, at 36% APR, which has largely ended traditional payday lending. At 36% APR, a $1,000 loan repaid over 12 months costs about $100.46 a month, or $205.55 in interest in total.
What South Dakota law says
- South Dakota caps total interest, fees and charges on licensed money-lender loans, including payday loans, at 36% APR, which has largely ended traditional payday lending.
- Rate limit: Total finance charges, including fees and charges for add-on products, may not exceed 36% a year; a loan above that is void and cannot be collected.
- Fees: All fees and charges incident to the loan count toward the 36% cap.
- Lenders must be licensed by the South Dakota Division of Banking (Department of Labor & Regulation) and must disclose the APR and total cost before you sign.
Good to know
- South Dakota voters approved a 36% annual rate cap on licensed money lenders in November 2016, with about 76% in favor.
- The cap includes all interest, fees and charges for add-on products, not just interest.
- A loan that breaks the cap is void and the lender cannot collect the principal, fees or interest.
- The cap covers payday, title, installment, auto and personal loans from state-licensed money lenders.
- Banks and other federally insured financial institutions are exempt from the state cap.
- Questions about a lender can go to the Division of Banking at 605-773-3421.
Why request online
How it works
Small-Loan Rules in South Dakota
| Maximum amount | Up to $500 |
|---|---|
| Loan term | Set by the lender and shown in your loan agreement |
| Rate / fee rule | All-in finance charges ≤36% APR |
| Regulatory basis | S.D. Codified Laws §54-4-36 et seq. |
Key Rules
- Loans above cap are void/uncollectible under statute
Alternative Loan Options in South Dakota
- Credit-union PAL
- bank small-dollar loan
- licensed installment/personal loan
Regulatory reference: the statutes listed in this table and the state regulator. State rules can change; confirm current terms before borrowing.
Largest South Dakota cities
Questions people ask
Can I get a loan in South Dakota with bad credit?
Yes, you can apply with any credit history. Lenders look at your income and banking history, not only your credit score, but they may still check your credit and approval is not guaranteed. Compare the APR and total cost before you accept.
Are payday loans legal in South Dakota?
South Dakota caps total interest, fees and charges on licensed money-lender loans, including payday loans, at 36% APR, which has largely ended traditional payday lending. You can request installment loans from licensed lenders instead.
What can I borrow instead of a payday loan in South Dakota?
Installment loans of $500 to $5,000, repaid in fixed monthly payments. Total finance charges, including fees and charges for add-on products, may not exceed 36% a year; a loan above that is void and cannot be collected.
How much does a $1,000 loan cost in South Dakota?
At 36% APR, a $1,000 loan repaid over 12 months costs about $100.46 a month, or $205.55 in interest in total. Your lender must show the APR and total cost before you sign.
Where can I complain about a lender in South Dakota?
Contact the South Dakota Division of Banking (Department of Labor & Regulation) at 605-773-3421 or the CFPB at consumerfinance.gov/complaint.
It takes a few minutes and costs nothing to ask. You decide after you see the full cost.
Check my offersWe pass your request to participating lenders. A request does not guarantee an offer; approval, amount and funding time depend on the provider.
Resources
Loans near me in South Dakota: find your city