South Dakota Payday Loan Laws Details
The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding South Dakota payday loan laws contact the South Dakota Department of Labor and Regulation.
Payday loans are legal in South Dakota (see South Dakota Payday Loans or South Dakota Installment Loans to compare fees and requirements for individual lenders).
| Feature | Specification |
|---|---|
| Amount (max) | $500 |
| Rates or Fees (max) | ? |
| Term Limitations | ? |
South Dakota regulations mention nothing about rollovers. Nothing is mentioned about cooling periods between loans. South Dakota has no requirements for extended repayment plans.
For example, in South Dakota the rates and fees on a 14 day, $100 loan are:
| Terms | Amount |
|---|---|
| Loan Amount | $100 |
| Fees | ? |
| APR | ? |
A licensee may charge a fee to defray operational costs, including, but not limited to, investigating the checking account and copying required documents, photographing the person signing the check, securing the check and customer records in a safe, fire-proof place, maintaining records as required by this chapter, maintaining required capital and liquidity, processing, documenting and closing the transaction, and for other expenses and losses. The fee authorized by this subsection (b) shall not exceed 15 percent of the face amount of the check. The fee, when made and collected, shall not be deemed interest for any purpose of law.