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South Dakota Payday Loans Are Good For Short Term Loans

South Dakota State Map
South Dakota State Map
For the South Dakota payday loans industry there are not vast and enormous amounts of legislation mandating what the industry can and cannot do, the state does however have specific payday advance laws (Codified Laws 54-4-36) to help lend a little bit of structure to the industry in this state. Because of the more relaxed legislation available in the state of South Dakota, consumers seeking a payday loan are presented with an excellent opportunity to create for themselves the best possible loan the best of terms, depending upon how much a borrower is willing to do the background work. In any payday loan situation is imperative that a perspective borrower educate themselves on the industry in their state have a reasonable amount of knowledge as to how it operates, as well as what their rights are in dealing with the industry.

For South Dakota payday loans are no set terms mandated by the state of South Dakota for what the time length a loan will be. The state does not specify what the maximum interest rate will be to a consumer for a payday loan. A consumer that is willing to go to work to create for them a really great payday loan package because there is no legislation dictating what the interest shall be. The maximum amount of cash that can be borrowed for a payday loan is $500 dollars, and rollovers on the loan are limited to four. Legislators thought they would be in the best interest of the people of South Dakota to set a limit on rollovers for payday loans to help those who would find themselves using a payday loan situations as a permanent fix for what is broken in their own personal finances, in doing so never seeking a viable solution to their financial difficulties.

South Dakota State Flag
South Dakota State Flag
South Dakota house bill no. 1223,, sponsored by Representatives Hickey and Senator Cutler sets guide lines on the conduct of companies in the South Dakota Payday Loans as they relate to their customers. The bill mandates that no person engaging in the business of payday loans or title loans may engage in any conduct the natural consequence of which is to harass, oppress, or abuse any person in connection with the collection of a debt. Such prohibited conduct includes:

  • The use or threat of use of violence or other criminal means to harm the physical person, reputation, or property of any person;
  • The use of obscene or profane language or language the natural consequence of which is to abuse the hearer or reader;
  • The publication of a list of consumers who allegedly refuse to pay debts, except to a consumer reporting agency;
  • The advertisement for sale of any debt to coerce payment of the debt;
  • Causing a telephone to ring or engaging any person in telephone conversation repeatedly or continuously with intent to annoy, abuse, or harass any person at the called number;
  • The placement of telephone calls without meaningful disclosure of the caller’s identity.

As a consumer to help you avoid getting into a situation in which such matters will come into play, take the time to fully understand your loan agreement with the payday lender.

South Dakota payday loans
South Dakota payday loans
Know for a certainty when all of your payments are due and exactly how much is due, and make certain that you make the payment in full and on time so that you don’t incur any type of late fees and penalties as these can add up. this creates a situation for you in which exercising that simple discipline will cause you to do the right things with the rest of your money ultimately and get you out of debt. By all means when you consider taking out in payday loan be careful to not borrow more than what you actually need time. Because of the ease and convenience of acquiring payday loans some people fall into the trap of borrowing as much money as they can simply because it is available to them. This is absolutely detrimental to your financial wellbeing and future. One of the tenants of getting out of personal debt is to not create any more for yourself then what is necessary, and borrowing more money than what you need is not helping your cause, but diminishing it.

Due to relaxed Laws for South Dakota payday loans, it is indeed possible for someone to borrow from more than one lender at a time; a person can actually take as many loans as the lending facilities will allow them to do. However if you find yourself in that position to where you can actually do this, do not do it under any circumstances. The loans are designed to help people with temporary cash flow challenges; they were never intended to be a way of life for anyone. If you feel that more than one payday loan at a time would be a benefit to you then this is a sign that you should go on an all out quest to find some alternative methods of generating cash. Pick up your phone and call some of your creditors; some payments can be delayed for weeks and even months at a time, oftentimes without any additional late fees or penalties because you called it made arrangements to do so. Sometimes working with your creditors can be the absolute best way to deal with the lack of cash and this method does not put you in any additional debt, but you must be careful to manage our cash carefully so that you can meet your delayed obligations and problems.

There’s a rule of thumb in the industry that the borrower should never borrow any more money than they are able to pay back with their next paycheck. This is not a bad rule to live by if at all possible, remember the purpose South Dakota payday loans are to lighten your financial burden and not to increase it.