What a loan can cost in South Dakota
Examples at an illustrative rate, never above South Dakota's cap for the amount. They are not quotes.
Representative example
- Amount borrowed
- $500
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $48.74
- Finance charge
- $84.88
- Total of payments
- $584.88
Example: a $500 installment loan at 29.99% APR repaid in 12 monthly payments of $48.74 costs $584.88 in total, including a finance charge of $84.88. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $1,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $97.48
- Finance charge
- $169.76
- Total of payments
- $1,169.76
Example: a $1,000 installment loan at 29.99% APR repaid in 12 monthly payments of $97.48 costs $1,169.76 in total, including a finance charge of $169.76. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $3,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $292.45
- Finance charge
- $509.40
- Total of payments
- $3,509.40
Example: a $3,000 installment loan at 29.99% APR repaid in 12 monthly payments of $292.45 costs $3,509.40 in total, including a finance charge of $509.40. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Resources in South Dakota
Free and low-cost help in South Dakota, each with its official link and the date we checked it.
Lending regulator and complaints
South Dakota Division of Banking, Dept. of Labor and Regulation licenses lenders in South Dakota.
Check a lender's license File a complaint
dlr.sd.gov Checked September 23, 2026
Attorney general consumer protection
Takes complaints about scams and unfair debt collection.
consumer.sd.gov Checked September 23, 2026
211
Help with rent, utilities, food and other urgent bills.
helplinecenter.org Checked September 23, 2026
Legal aid
Free civil legal help if your income is low; income limits vary.
dpls.org Checked September 23, 2026
Nonprofit credit counseling
Help with a budget or a debt management plan.
nfcc.org Checked September 23, 2026
Benefits portal
Check whether you qualify for food, cash or other benefits in South Dakota.
eaportal.sd.gov Checked September 23, 2026
Federal complaints
Complaints about any lender, to the Consumer Financial Protection Bureau.
Submit a complaint to the CFPB
consumerfinance.gov Checked September 23, 2026 Available in Spanish
Cheaper options to try first
Worth checking whatever your credit: these can cost less than a high-rate loan.
- Credit union payday alternative loans (PALs). Federal credit unions may offer small loans of up to $2,000 with terms of up to 12 months and an APR no higher than 28%, under NCUA rules (12 CFR 701.21). You usually need to be a member.
- Ask your creditor for a payment plan. Utilities, hospitals and many lenders offer hardship or extended payment plans if you ask before you miss a payment.
- Credit-builder loans: a small loan held in savings while you pay it off, which can help build a payment history.
- Secured credit cards: a card backed by a deposit you make, which can help build credit when you pay on time.
The rules lenders follow in South Dakota
Each rule links to its source. How we research state rules.
Allowed in South Dakota: installment and personal loans, title loans and payday loans.
| Product | Status | APR cap | Amount | Term | License | Law |
|---|---|---|---|---|---|---|
| Installment and personal loans[1][2][3][4] | Allowed | 36% APR | Not set by statute | Not set by statute | Money Lender license | SDCL Sections 54-4-36 to 54-4-44.1; SDCL 54-4-66 |
| Title loans[1][3][4] | AllowedHigh-cost loan | 36% APR | Not set by statute | Not set by statute | Money Lender license | SDCL 54-4-44 |
| Payday loans[1][3][4] | AllowedHigh-cost loan | 36% APR | Up to $500 | Not set by statute | Money Lender license | SDCL 54-4-66; SDCL 54-4-44 |
| Verified against the statute and regulator on September 23, 2026. Laws change; confirm with the regulator before you borrow. | ||||||
Bars place each APR cap on a 0 to 400% scale; the pin marks the cap. A striped bar means the statute sets no numeric cap.
Rate, fee and license rules in South Dakota
Installment and personal loans
- Rate cap
- South Dakota Initiated Measure 21 (approved by voters Nov 8, 2016, ~76%) caps the annual percentage rate on loans made by state-licensed Money Lenders at 36%, inclusive of total interest, fees and charges. Applies to installment, payday, and title loans alike under a single Money Lender license framework; does not apply to traditional bank/credit union loans.
- Fees
- All fees and charges are folded into the 36% all-in APR cap; using a 'device, subterfuge, or pretense to evade' the maximum finance charge is separately prohibited (SDCL 54-4-44.1).
- License
- Money Lender license under SDCL Chapter 54-4, Division of Banking; retail installment contract servicers/purchasers must also hold a money lender license.
Title loans
- Rate cap
- Same 36% all-in APR cap as installment and payday loans, under the same Money Lender license (Initiated Measure 21, 2016).
- Fees
- Folded into the 36% all-in cap; see installment entry.
- License
- Money Lender license under SDCL Chapter 54-4, Division of Banking.
Payday loans
- Rate cap
- Same 36% all-in APR cap as installment loans, under the same Money Lender license (Initiated Measure 21, 2016). Payday lenders in South Dakota are licensed as Money Lenders; there is no separate payday-specific statute distinct from SDCL Chapter 54-4.
- Fees
- Folded into the 36% all-in cap; see installment entry.
- License
- Money Lender license under SDCL Chapter 54-4, Division of Banking.
Rent and jobs in South Dakota
Typical rent and the jobless rate, to weigh before a loan payment.
Guides for South Dakota borrowers
Check your options in South Dakota
South Dakota questions
Does South Dakota law allow payday loans?
South Dakota law allows payday loans. The cost limit is 36% APR. Source: SDCL 54-4-66; SDCL 54-4-44.
What is the most a lender can charge in South Dakota?
By loan type in South Dakota: Installment and personal loans: 36% APR. Title loans: 36% APR. Payday loans: 36% APR.
Where can I file a complaint about a lender in South Dakota?
You can file a complaint with South Dakota Division of Banking, Dept. of Labor and Regulation, and you can also submit one to the Consumer Financial Protection Bureau. Both links are under Resources in South Dakota on this page.
How do I check a lender's license in South Dakota?
South Dakota Division of Banking, Dept. of Labor and Regulation licenses lenders in South Dakota. Use the license link under Resources in South Dakota on this page to check a lender before you share your information.
Is there free help paying bills in South Dakota?
Yes. Resources in South Dakota on this page lists free help, including 211, legal aid, nonprofit credit counseling and benefits portal.
Nearby states
- NebraskaAllowed 24% APR (top tier)
- North DakotaAllowed 36% APR
- MinnesotaAllowed 33% APR (top tier)
- IowaAllowed 36% APR (top tier)
- WyomingAllowed 36% APR (top tier)
Sources
- sdlegislature.gov/api/Statutes/54-4.html. Retrieved September 23, 2026.
- dlr.sd.gov/banking/money_lenders/default.aspx. Retrieved September 23, 2026.
- sdlegislature.gov. SDCL Sections 54-4-36 to 54-4-44.1. Retrieved September 23, 2026.
- dlr.sd.gov. South Dakota Division of Banking, Dept. of Labor and Regulation. Retrieved September 23, 2026.
- National Low Income Housing Coalition. Out of Reach 2026: South Dakota. Retrieved September 23, 2026.
- U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.
Important disclosures
APRs vary by lender and state in South Dakota. Each lender sets its own rates and terms and must show you the APR before you sign.
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- Questions about a lender licensed in South Dakota? Contact the South Dakota Division of Banking, Dept. of Labor and Regulation or file a state complaint.
- You can submit a complaint about any lender to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.