Payday Loans in South Dakota
South Dakota still licenses payday lenders as Money Lenders, but the product is heavily constrained: principal may not exceed $500 and all interest, fees and charges are capped at a 36% annual rate. That makes the legal product very different from traditional triple-digit payday lending.
South Dakota legal category: Payday Loan under the South Dakota Money Lending License framework · South Dakota Codified Laws Chapter 54-4, including §§54-4-36, 54-4-44 and 54-4-66
South Dakota payday loans at a glance
- Legal status
- Restricted
- Legal category
- Payday Loan under the South Dakota Money Lending License framework
- Maximum amount in this regime
- $500
- Term
- Up to 183 days
- 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
The maximum principal amount of one payday loan, or the total outstanding principal balances of payday loans made by one licensee to one borrower, may not exceed $500 at any time.
South Dakota defines a “short-term consumer loan” as a loan to an individual borrower with a duration of six months or less, including a payday loan. A particular payday contract may be shorter.
Interest, fees and repayment
The 36% ceiling is an all-in finance-charge cap. A loan made in violation of §54-4-44 is void and uncollectible as to principal, fees, interest and charges.
A state-licensed money lender may not impose total interest, fees and charges above a 36% annual rate, including ancillary products and any other charge or fee incident to the extension of credit.
Payday loans remain licensed money-lender products, but the contract must operate within the $500 principal limit and 36% all-in annual rate cap.
Rollovers, refinancing and early payment
- Rollover allowed?
- Not reduced to a yes/no rule
South Dakota contains separate restrictions on renewal, rollover or flipping of short-term consumer loans. This page does not compress those provisions into a simple allowed/not-allowed flag. - Prepayment penalty allowed?
- Not reduced to a yes/no rule
No universal payday prepayment-penalty statement is inferred from the 36% cap alone; the contract remains subject to Chapter 54-4.
South Dakota borrower protections
- Payday lenders must be licensed as South Dakota Money Lenders.
- Payday principal outstanding with one licensee may not exceed $500.
- All interest, fees and incidental charges are included in the 36% annual-rate ceiling.
- A loan violating the 36% ceiling is void and uncollectible under §54-4-44.
- The statute prohibits devices or subterfuges intended to evade the 36% cap.
South Dakota loan cost calculator
How to verify a lender in South Dakota
Regulator: South Dakota Division of Banking.
Money Lender license (payday lenders are licensed as Money Lenders)
Official sources
- South Dakota Codified Law §54-4-44 — 36% maximum finance charge · primary
- South Dakota Codified Laws Chapter 54-4 — definitions and $500 payday principal ceiling · primary
- South Dakota Division of Banking — Money Lenders · primary
- South Dakota Division of Banking — Guidance on Initiated Measure 21 · primary
Last regulatory verification: 2026-09-07. Laws can change; verify current terms and lender status before borrowing. Read our research methodology.