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Payday Loans in South Dakota

At a Glance
South Dakota
  • Nickname: The Mount Rushmore State
  • Population: 884,659
  • Capital: Pierre
  • Website: www.sd.gov

South Dakota, known as the Mount Rushmore State in honor of the famous national landmark, has a total population of 884,659. Of the people who call South Dakota home, 13.1% live below the poverty line ($25,465 for a family of four), and the average median household income is about $5,600 less than the national average. However, the state’s financial outlook isn’t all bad. In South Dakota, just 3.3% of people are unemployed, which is lower than the U.S. unemployment rate of 4.4%.

Average Credit Card Debt and Median Household Income in South Dakota vs. the U.S.
South Dakota
US
$5,235
$6,194
Average Credit Card Debt (Q1 2019)
$56,274
$61,937
Median Household Income (2018)

Payday Loans in South Dakota

Payday loans are short-term cash loans that can be taken out in exchange for a check, dated on the borrower’s next payday. The check is made out for the amount of the loan, plus the lender’s finance charge. If the borrower doesn’t pay back the loan before the loan terms are up, the lender has the right to cash that check.

According to a 2013 report by the Center for Responsible Lending, South Dakota had 126 payday lending stores in the state at that time. Each store provided, on average, about 3,541 payday loans for a total of about $156,158,100, plus nearly $35 million in fees.

Payday Loan Statistics for Borrowers in South Dakota vs. Nationally
South Dakota
US
$350
$392
Average Loan Amount

Consumer Protection in South Dakota

If you or someone you know falls victim to a predatory lender who is engaging in illegal or misleading practices, it is very important to report it to the South Dakota Division of Banking. By speaking up, you can help your family, neighbors, and friends stay clear of situations like this in the future!

South Dakota Division of Banking

  • Address: 1601 N. Harrison Ave., Suite 1 Pierre, SD 57501
  • Phone: (605) 773-3421
  • Fax: (866) 326-7504
  • Websitehttp://dlr.sd.gov/banking/

 

Guides to Payday Loans in South Dakota Cities

Check back soon for these payday loan guides to the following cities in South Dakota:

Rapid City | Sioux Falls | Watertown