Payday Loan 
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Business Loan Everything You Need to Know About Payday Loans in Cavour, South Dakota
Payday loans are short-term loans that are typically given to borrowers who need immediate financial assistance. In Cavour, South Dakota, payday loans are legal and can help individuals to cover unexpected expenses. However, before taking out a payday loan, it’s essential to know how it works, the fees involved, and the risks associated with payday loans.
How Do Payday Loans Work?
In South Dakota, payday lenders offer loans that typically range from $50 to $500 and have a maximum term of 36 days. The borrower writes a post-dated check for the amount borrowed, plus a fee, and the lender holds onto the check until the loan is due.
When the loan comes due, the borrower can repay the loan in full, including the fee, which the lender can cash in the case of a post-dated check. Alternatively, the borrower can pay only the fee and extend the loan for another term. However, if the borrower can’t repay the loan or extend the term, the lender can deposit the post-dated check, resulting in additional fees and potential legal consequences for non-payment.
What Fees Are Associated with Payday Loans?
The fees associated with payday loans can vary depending on the lender and the amount borrowed. In South Dakota, the maximum fee is $15 per $100 borrowed. For example, if you borrow $200, the fee would be $30, resulting in a total repayment amount of $230.
It’s important to note that payday loans are expensive and can result in a cycle of debt. Borrowers should only take out a payday loan if they have a plan to repay the loan and are comfortable with the associated fees.
The Risks of Payday Loans
Payday loans can be risky for borrowers who can’t repay the loan on time. In addition to the high fees, borrowers who default on a payday loan can face legal consequences, including wage garnishment, court fees, and collection agency fees.
It’s critical to only borrow what you can afford to repay and to understand the terms of the loan before accepting the funds. It’s also essential to carefully review the lender’s policies, especially when it comes to loan extensions or renewals.
Interesting Facts About Payday Loans in Cavour, South Dakota
- In 2020, there were 31 licensed payday lenders operating in South Dakota.
- The average payday loan amount in South Dakota is $380.
- The maximum term for a South Dakota payday loan is 36 days.
- In 2016, South Dakota voters rejected a measure that would have capped payday loan interest rates at 36%.
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TheGuaranteedLoans is a connector service that can help you find a lender in Cavour, South Dakota, who offers payday loans. We work with a network of trusted lenders who can provide you with the financial assistance you need. To apply, simply fill out our online application form, and we will connect you with potential lenders in minutes. Remember, TheGuaranteedLoans is not a direct lender, and we do not make credit decisions.
At TheGuaranteedLoans, we are committed to helping our customers make informed financial decisions. If you have questions about payday loans or need assistance finding a lender, please don’t hesitate to contact us. We’re here to help!