Legal Status
Legal but severely limited by virtue of Usury Cap
Citation
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