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Payday Loans In South Dakota

Payday loans are short term cash loans that serve to provide financial assistance for those who are in need of an advance on their paycheck. These loans are for individuals who are employed and expecting a regular paycheck within 30 days of the loan. The cash is generally provided with the expectation that the full loan amount plus any lending fees, plus interest will be paid back once the borrower has received their next paycheck.

Throughout the United States of America, each individual state regulates the payday loans within their jurisdiction. Due to this, the legality of payday loans and their specific regulations and laws can vary between each state. While some states outlaw cash advances, the majority of states allow these types of loans and provide legislation that regulates and controls them. In the state of South Dakota, payday loans are legal and have a few regulations. Legislation in South Dakota has set a maximum amount that can be borrowed, as well as regulating the number of times that an unpaid loan can be rolled over. However, the state has not set a limit cap on the rate of interest that can be charged on the loans.

How To Apply For a Cash Advance

If you are in need of a payday advance, one of the first things to consider is who you are going to use as a lender. As personal loan laws in South Dakota legally allow lending, you could find a local lender. Another option is to use an online lender. Whichever type of lender you choose, you can generally expect the lender to require the following before they approve a personal loan:

  • You must provide personal identification (a state issued driver’s license or other form of photo identification).
  • You have a valid checking account (some lenders will require that the checking account has been open for at least three months in order for it to be considered valid).
  • You are employed and receive regular paychecks (this can be verified through the presentation of pay stubs or bank receipts).
  • You can provide a form of repayment security in case the loan is not repaid (this is done with a postdated check or the authorization for the funds to be withdrawn from your checking account).

Although the requirements for a cash loan will differ from lender to lender, these four items are the most commonly needed for a cash advance.

Laws and Regulations For South Dakota Payday Loans

As previously mentioned, payday loans are legal in the state of South Dakota and as such, individuals in the state can find a lender either locally or online. There are no interest limits in the state of South Dakota but the most an individual can borrow at one time is $500. This maximum is set to protect the borrower from taking a loan that they will not be able to repay.

With an online lender, payday advances can be handled electronically. If the loan is approved, the total loan amount can be deposited directly into the bank account of the borrower. Once the time comes for the loan to be paid, the amount due can be again transferred electronically back to the lender.