South Dakota Payday Loans
Payday loan creditors must be licensed in South Dakota and comply with is small loan act to operate in the state. South Dakota law requires cash advance businesses to provide their clients with conspicuous and understandable statements setting forth the following: The loan should only be used to satisfy short-term financial needs; The check cash advance is not aimed at addressing long-term cash needs; Additional fees will be imposed if the cash advance loan is renewed instead of paid in full on the due date; an itemization of the fees charged; and any disclosures that federal law requires.
A borrower can request up to $500 in payday loan funds.
South Dakota law does not specify the loan terms.
A borrower is entitled to 4 extensions or rollovers, provided that he first pays off any outstanding fees.
The finance charge for a two-week check cash advance loan in the amount of $100 is left to the creditor's discretion. This is because South Dakota does not set any caps on fees that a cash advance lender can charge. Therefore, a payday loan business is free to charge any fee or interest that the borrower is willing to pay.
There are no limits on the APR that a check cash advance lender can charge for a two-week loan in the amount of $100 loan.