In this crazy economic environment, keeping a stable financial state for a long period of time seems like an impossible thing to do. Many people are having a real struggle with paying their normal monthly expenses. Even those with stable monthly income are not safe from financial problems as unexpected emergency expenses are always around the corner, waiting to turn your life upside down. When the money is tight and there are outstanding bills that need taking care of, people are not left with many options but to seek financial assistance. While it is possible to borrow money from friends and family, this is not a viable option for some people and their only way of dealing with their financial issues is to seek financial help from the loan lending industry.
What is the best way of dealing with outstanding bills in South Dakota?
Nowadays, there are numerous loan options and private loan lending companies that borrowers can choose from. There is, however, a certain loan type that is a go-to option for many people who are facing financial issues that require a quick answer. That go-to option is payday loans. If you are living in the state of South Dakota and are considering the option of taking out a cash advance to deal with an outstanding financial issue, the following text will give you all the information you need.
Are payday loans in South Dakota legal?
Cash advances in the state of South Dakota are legal. Payday loan lending companies in South Dakota are free to conduct their businesses according to the South Dakota Codified Laws. In South Dakota, you can borrow a cash advance with a maximum amount of $500. If a private loan lender violates the limit set by the state loan lending laws, that loan lender becomes a class 1 misdemeanor. According to the South Dakota state laws, there is no limit on the number of cash advances that you can take out, whether it is from a single or multiple loan lending companies. In order for a private loan lending company in South Dakota to offer services online or at a physical store, the loan lender would need to obtain a certain license from the South Dakota Banking Division.
Not sure what a payday loan is?
A cash advance is a short-term loan for a considerably low amount of money, normally not exceeding $1000. Every state in the United States of America has its own payday loan lending regulations and the maximum amount of money that you can borrow, as well as all other terms of the loans, may vary. The standard term of a cash advance in South Dakota is no more than 31 days. This can also vary depending on where you live and the specific loan lending company that you are taking out your cash advance from. Once you take the money from your cash advance, you would normally need to repay that sum within your next paycheck.
What happens if you do not repay the money within the given period of time?
Keep in mind that even though cash advances can be a great option for managing unexpected financial problems, payday loans are not an option that should be used unless the situation really calls for it. If you fail to repay the amount of money that you have borrowed within the given time period, you may very well end up in a situation a lot worse than the one you were in prior to taking out the loan. In fact, it is quite often that if people fail to repay their payday loans on time, they fall into a debt cycle which is quite hard to get out of once you are in.
What are the benefits of taking out a cash advance in South Dakota?
While payday loans can be a bit dangerous, they can also offer you some benefits that are pretty hard to ignore. Here are some of the main advantages that this service can offer you:
Multiple application options
If you are applying for a conventional loan from a standard loan lending institution such as a bank, you would have to go to the bank to submit your application and eventually to receive your money. With payday loans, you have the option of choosing to apply by visiting a loan lender’s physical store, or by simply going online and submitting your payday loan application without having to leave the comfort of your couch.
Having a poor credit score is not a deal-breaker
We all know that qualifying for a standard loan from a conventional lending institution would be almost impossible if you do not have a perfect or at least a decent credit score. With payday loans, however, you can qualify for your loan even if you have a poor credit score. The private payday loan lending companies are more interested in your capability of repaying the money on time, rather than what your credit history is. So, as long as you have a stable source of monthly income that can allow you to repay the money that you have borrowed on time, you will most likely face no difficulty in getting approved for your South Dakota cash advance.
Fast and simple application process
Regardless of whether you choose to apply for your cash advance from home or by going to a lender’s physical store, the whole payday loan application process would take you only minutes to complete. Once you have submitted your cash advance application, you will find out whether you are approved for your payday loan or not in as soon as an hour. Once your cash advance application has been approved, you will receive your money within a couple of hours or, at worse, by the end of the following working day.
South Dakota cash advances eligibility requirements
In order to qualify for your cash advance in South Dakota, you would only need to meet some basic criteria and provide basic information. In order to be eligible for your payday loan, you would need to be at least 18 years old. You would need to be an American citizen or a permanent resident of the United States, and you would also need to show proof of your source of monthly income. The information that you would need to provide is also quite basic. You would have to provide your full name, address, and social security number, and your phone number.
Cities in South Dakota where you can find payday loan lenders
- North Sioux City
- Hot Springs
- Rapid City
- Sioux Falls