Installment Loans in South Dakota
South Dakota treats installment lenders as Money Lenders under Chapter 54-4. For licensed lenders, total interest, fees and charges may not exceed a 36% annual rate, while the current PLS Cash Advance installment route covers requests above the separate $500 payday ceiling through $5,000.
South Dakota legal category: South Dakota Money Lender Installment Loan · South Dakota Codified Laws Chapter 54-4
South Dakota installment loans at a glance
- Legal status
- Permitted Regulated
- Legal category
- South Dakota Money Lender Installment Loan
- Maximum amount in this regime
- Chapter 54-4 covers money lending broadly, including installment loans. The $500 limit is specific to payday loans and is not presented as the maximum for ordinary installment loans. The current PLS Cash Advance page focuses on $500–$5,000.
- Term
- An installment loan is repaid in specified amounts over a number of months. No single maximum term for every ordinary money-lender installment loan is asserted on this page.
- Regulator
- South Dakota Division of Banking
- Verified
- 2026-09-07
Choose a loan type by amount
PLS Cash Advance currently presents request amounts from $200 to $5,000. The ranges below are navigation guidance between our state loan guides — not statutory limits, eligibility rules, or a promise of approval.
Payday Loans in South Dakota
Editorial routing matching the South Dakota statutory payday principal ceiling. Requests above $500 route to the installment/money-lender guide.
Installment Loans in South Dakota
Preferred multi-payment route above the separate $500 payday principal ceiling. This $500 breakpoint is editorial routing, not a statutory minimum installment amount.
Amount and term limits
Chapter 54-4 covers money lending broadly, including installment loans. The $500 limit is specific to payday loans and is not presented as the maximum for ordinary installment loans. The current PLS Cash Advance page focuses on $500–$5,000.
An installment loan is repaid in specified amounts over a number of months. No single maximum term for every ordinary money-lender installment loan is asserted on this page.
Interest, fees and repayment
The 36% ceiling is all-in and anti-evasion rules apply. Actual lender terms may be lower.
A state-licensed money lender may not impose finance charges above a 36% annual rate, including ancillary product charges and other fees incident to extending credit.
South Dakota defines an installment loan as a loan repaid in specified amounts over a certain number of months.
Rollovers, refinancing and early payment
- Rollover allowed?
- Not reduced to a yes/no rule
Refinancing and renewals must remain within Chapter 54-4 and the 36% all-in cap; no payday-style rollover flag is applied. - Prepayment penalty allowed?
- Not reduced to a yes/no rule
The 36% cap alone does not establish a universal prepayment-penalty rule for every installment contract.
South Dakota borrower protections
- Money lenders must be licensed unless an exemption applies.
- The 36% annual-rate cap includes interest, fees and ancillary-product charges.
- Anti-evasion provisions prohibit structuring around the 36% ceiling.
- A loan violating the statutory cap is void and uncollectible.
- NMLS is used for South Dakota Money Lender licensing and public verification.
South Dakota loan cost calculator
How to verify a lender in South Dakota
Regulator: South Dakota Division of Banking.
Money Lender license
Official sources
- South Dakota Codified Law §54-4-44 — 36% maximum finance charge · primary
- South Dakota Codified Laws Chapter 54-4 — Money Lending Licenses · primary
- South Dakota Division of Banking — Money Lenders · primary
- NMLS Consumer Access — South Dakota money lender lookup · primary
Last regulatory verification: 2026-09-07. Laws can change; verify current terms and lender status before borrowing. Read our research methodology.