South Dakota Payday Loans Online
Are you short on money to pay your bills that are due? Instant cash loans like payday loans online is a great option. Apply for a loan and get approved anywhere and anytime! Getting a payday loan online in South Dakota is easy, fast, and safe.
Does South Dakota Allow Payday Loans Online?
South Dakota used to be at the top in payday lending. Lending companies in the country were allowed to charge the borrowers up to three-digit interest rates. However, since the legislature of South Dakota changed the triple-digit interest rate to only a 36% usury cap on small cash loans in 2016, the number of lending companies that offer payday loans decreased.
Payday loans online or in stores are still allowed in South Dakota as long as:
- The lending company is licensed by the Division of Banking in South Dakota.
- A borrower can only loan up to $500.
- The lender and borrower sign a contract that contains all important information regarding the loan.
- Loan charges are not over $1.39 for a $100 loan due in two weeks.
- The minimum loan period is 13 days.
- The loan is allowed to have a 4-time renewal.
Qualifications in Applying for a Payday Loan in South Dakota
Applying for a payday loan online in South Dakota is quick and easy. You can apply anywhere with an internet connection.
Here are the qualifications you should know in applying for a payday loan online. You must:
- Be at the legal age of 18 and a resident of South Dakota
- Be employed for a year or more
- Have valid IDs and social security numbers
- Have proof of income, employment, and residency
- Have a working email address and contact number
- Have a bank account with no history of a recent bankruptcy
Benefits of Applying for a Payday Loan in South Dakota
Payday loans are popular not only in South Dakota but also in other states of America. This loan program is sometimes the last option for people who have an urgent need for cash.
Here are more benefits you can get in applying for a payday loan in South Dakota:
- In South Dakota, you don’t need to have good credit in order to apply and get a payday loan online approval.
- Getting a payday loan online in South Dakota only requires very few requirements.
- Application, approval, and receiving the money will only take a day or two.
- Lenders in South Dakota will allow you to apply for another loan as soon as you settle your first loan.
A small payday loan is useful during emergency situations. But payday loans online are expensive, and getting in too many loans can get you in trouble. If you can, only apply for a loan one at a time to avoid damaging your financial stability.