South Dakota Payday Loans

The saying goes that desperate times calls for desperate measures. When you find yourself in the middle of a financial pinch with no savings to dip into, you turn to taking out quick loans. Applying for a credit card to avail of the cash advances may take too long for you and approval is not guaranteed. Other loan applications require a tone of credit checks and documents to be submitted. When time is of utmost importance, those who are in dire need turn to payday loans. In case you do need to take out one of those South Dakota Payday Loans, you should at least know the pertinent laws to at least protect yourself to some extent.


Best South Dakota Payday Loan Lender

No
Provider
Review
APR
Visit Site
1
AmeriAdvance
Varied
Go to AmeriAdvance
2
Paydaymax
431.79%-616.85%
Paydaymax
3
Plain Green Loans
59.84% �?378.95%
Go to Plain Green Loans
4
MyCashNow
401.13%-573.05%
MyCashNow
5
Discount Advances
401.13%-573.05%
Discount Advances
6
100 Day Loans
36%�?51.79%
100 Day Loans
7
Cashnet USA
243.25%�?83.04%
Cashnet USA
8
Check City
Varied
Check City
9
CashAdvance
Varied
Go to CashAdvance.com
10
Great Plains Lending
199.44% �?448.76%
Great Plains Lending

How South Dakota Payday Loans Work

South Dakota Payday Loans just like any other payday loan. One merely has to be employed and receiving salary regularly to qualify for a loan. Most lenders no longer require any documents to be submitted, not even through fax. At most, they only require proof of your income and a social security number. Your credit rating will not even matter, even if you have poor one. What sets this type of loan apart is that you have to pay back the loan on your next payday. It works like asking for a cash advance from your employer, that is why some even refer to this type of loan as cash advance loans.

Pertinent Laws for South Dakota Payday Loans

A survey of State laws will show that those applying to South Dakota Payday Loans are a bit lenient. The only hard rule that State laws require is that lenders should be licensed to dole out small loans. The law also dictates that lenders should inform borrowers of everything involved in the loan and it should be in writing, in short the loan should be governed by a written contract. This way, borrowers are protected from having to pay hidden charges and other fees they were not aware of when they took out the contract.

When it comes to the loan amount, laws on South Dakota Payday Loans require that it should not be more than $500 per loan. If a lender allows or insists you take out a bigger loan, you can file a complaint against the lender. The law also allows South Dakota Payday Loans to be renewed for up to four times, provided that the borrower pays the corresponding fees and interest rates. What is not restricted are the rules on service fees, interest rates and the number of loans taken out by a single individual. This means that one person can take out several $500 loans from a single or more lenders.

Because of the lenient laws governing South Dakota Payday Loans, it does not come as a surprise that one payday loan is accompanied by an Annual Percentage Rate (APR) that are off the roof. A typical loan with a 14 day period can have as much as 652% while a longer period will have a smaller rate. A typical 30-day loan will fetch an APR of 304%, not as much as a 14-day term but is still a lot when you think about it. Taking out South Dakota Payday Loans may be able to help you in times of need, you just have to be careful and be prepared to face the risks.

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