South Dakota

Legal Status

Legal but severely limited by virtue of Usury Cap


S.D. Codified Laws 54-4-36 et seq.

Loan Terms

Maximum Loan Amount: 500

Loan Term: max 6 months

Finance Charge for 14-day $100 Loan: 1.39

APR for 14-day $100 Loan: 36%

Debt Limits

Maximum Number of Outstanding Loans at One Time: May only have $500 out at a time. S.D. Codified Laws § 54-4-66

Rollovers Permitted: No licensee may renew, rollover, or flip a short-term consumer loan more than four times. No renewal, rollover, or flip is valid unless, at the time of the renewal, rollover, or flip, the debtor pays the outstanding fee and reduces the principal amount of the loan as provided in this section. Upon the first renewal, rollover, or flip and each subsequent renewal, rollover, or flip, the debtor shall reduce the principal amount of the loan by not less than ten percent of the original amount of the loan. S.D. Codified Laws § 54-4-65

Cooling-off Period: Silent

Repayment Plan: Silent

Collection Limits

Collection Fees: Silent

Criminal Action: Silent