South Dakota Payday Loans

In regards to the legal status of South Dakota payday loans, they are legal. The state provides for detailed legal stipulations for payday loans. The maximum amount of a loan a borrower can borrow from a South Dakota payday loans lender is $500. The loan provider is generally a company. There are many companies operating legally in the state of South Dakota. If you borrow a loan from a reputable company, it can not offer you more than $500. If any such company offers you more, you should be leery of them.

Unlike other states, South Dakota payday loans law does not provide any interest rate or fees these lenders can charge from you. Payday loan lenders can charge you any fees, which you are willing to pay. These lenders can give you a loan for any duration which you ask them. If you borrow a loan for $100 for 14days, your lending company can charge any interest rate on it.

The APR on this will also be determined by the lender, but you must agree to it. This then highlights some mutual acceptance between you and the South Dakota payday loans lender. This mutual acceptance should be reduced to a written contract. This is good for both parties. That way neither of the parties can escape liabilities or can cheat each other in any way.

Rollovers are allowed with South Dakota payday loans. The number of rollovers is limited to 4. Rolling over a loan would mean paying the fees on the loan amount, each time you renew your loan, without paying the principal amount. Rollovers, as a matter of fact should not be habitual. They should only be chosen in the event of extreme need. Your lender has a duty to inform you that payday loans should be taken for a short term. You are required to pay off any outstanding fees before you can opt for a rollover

south dakota payday loans

South Dakota Payday Loans: Laws & Regulations

In addition to this payday loan lenders are required to be licensed. They should comply with the provisions of the Small Loans Act in order to carry on their business with South Dakota payday loans. They should also inform you in clear language that additional fees will be charged from you in the event of loan renewal if not paid in full on the agreed upon due date. They should also provide you with any information which the South Dakota payday loans federal law requires.

Cash Depot

This South Dakota payday loans company offers a wide variety of services like check cashing, gift swap, prepaid master cards and loans which may be either payday loans or installment loans. This lender claims itself to be state approved, very confidential, and fast in its services. They require you to provide a little information about yourself such as a current pay stub, state-issued identification, and current bank statement. If you want to make use of their services you can visit their local branch near you. Give them a call at 605-331-2011 or visit their website at www.cashdepotsd.com.

EZ Money Check Cashing

This South Dakota payday loans lender offers a wide arrangement of services like payday loans, signature, cash loans, auto title loans, check cashing bill payment, wire transfer, bill payment etc. They even buy gold. They claim them to be safe, convenient and easy way to obtain short term cash in your financial emergency. They ask you for a check from a valid checking account government-issued photo ID, a payroll check stub (or government benefits statement). All you have to do is fill out an easy application and provide them with some information about you. They deposit the amount directly to your account. Give them an opportunity to serve you at their South Dakota payday loans branch office in your area. Give them a call at 605-332-6173 or visit their website at www.getezmoney.com.

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