Fast Online Payday Loan [ SIOUX FALLS ]
Possible types of loans:
- $100, $200, $300, $400, $500, $600, $700, $800, $900, 1000 dollars are emergency payday loans in Sioux Falls South Dakota USA, which are issued for a period of 1, 2, 3 or 4 weeks (until your next salaries).
- $1500, $2000, $2500, $3000, $3500, $4000, $4500, $5000 – Sioux Falls, SD installment loans that can be taken out for terms of up to 2 years (most often 1, 6, 9, 12 or 3 months).
To get fast online cash advances (payday or personal loans, short-term loans, fast cash) with instant approval in Sioux Falls, SD, USA, use our simple 5-minute application form! The money will be credited to your bank account within 24-48 hours (or faster) after approval.
Cash Advance Near Me :: Sioux Falls South Dakota Direct Lenders (list of offline stores and agencies nearby)
| Company | Address | Phone |
|---|---|---|
| OneMain Financial | 5019 S Western Ave #150, Sioux Falls, SD 57108 | +1 605-362-8965 |
| LPI Loans | 2700 W 41st St Unit 103, Sioux Falls, SD 57105 | +1 605-274-0299 |
| Capital Car Title Loans | 2121 W 12th St, Sioux Falls, SD 57104 | +1 605-250-7273 |
| Finova Financial | 101 S Reid St Ste 307, Sioux Falls, SD 57103 | +1 888-358-4452 |
| Superior Title Loan | 2315 W 12th St, Sioux Falls, SD 57104 | +1 605-271-6126 |
| First Cash & Exchange | 2123 E 10th St, Sioux Falls, SD 57103 | +1 605-338-9155 |
About Small Payday Loans in Sioux Falls South Dakota
This guide will break down the minimum requirements you must meet to qualify and the critical terms you should know before considering a payday loan in Sioux Falls.
Minimum Requirements for a Payday Loan in Sioux Falls, SD
While individual lenders may have their own specific criteria, the foundational requirements to qualify for a payday loan in Sioux Falls are governed by South Dakota state law. To be eligible, you will typically need to provide proof of the following:
- Age and Residency: You must be at least 18 years old and a legal resident of the United States. Lenders will require a government-issued photo ID, such as a driver’s license or state ID, to verify your age and identity.
- Proof of Income: This is the most critical requirement. You must demonstrate a reliable source of income. This is not limited to traditional employment; it can include benefits, pensions, or other verifiable regular income. Lenders will ask for recent pay stubs, bank statements, or benefit award letters as proof.
- Active Checking Account: You need an active checking account in your name. The lender will often require a voided check or your bank account and routing numbers. This account is used to deposit the loan funds and, crucially, to withdraw the repayment amount on your next payday.
- Contact Information: You must provide valid contact details, including a working phone number and email address. The lender will use this to verify your application and for communication regarding your loan.
It’s important to note that credit checks are not a standard part of the approval process for most payday lenders. They primarily base their decision on your income and ability to repay the loan immediately.
Terms of Short-Term Loans in Sioux Falls, South Dakota, USA
The terms for payday loans in South Dakota are defined by state statute, specifically SD Codified Law § 54-4-36 et seq. These laws set the maximum amounts, fees, and loan durations.
- Maximum Loan Amount: The smallest of $500 or 30% of your gross monthly income. This means even if you have a high income, you cannot borrow more than $500 through a single payday loan in South Dakota.
- Finance Charges and Fees: State law allows lenders to charge a maximum fee of $20 per $100 loaned. For a typical two-week loan, this translates to an Annual Percentage Rate (APR) of approximately 520%. This is an extremely high cost of borrowing.
- Example: If you borrow $400 for 14 days, the finance charge would be $80 ($20 for every $100). You would be required to repay $480 on your next payday.
- Loan Term: The minimum term for a payday loan is 30 days, but the maximum term is not to exceed 6 months. However, the standard practice is for the loan to be due in full on your next pay date, which is typically within two to four weeks.
- Right to Rescind: You have the right to cancel the loan at no cost by the end of the next business day after it is issued by returning the full principal amount.
- Rollovers and Extensions: South Dakota law is strict on rollovers. A lender cannot renew, extend, or consolidate a payday loan unless you pay at least 10% of the principal and the original finance charge. You cannot have more than two consecutive renewals. This is designed to prevent the cycle of debt where borrowers repeatedly extend the loan and accumulate more fees.
