Payday Loans in Howes, South Dakota

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No payday loan companies in Howes, SD. Consider companies in other cities:

Company nameAddressZip codePhone number
ZuntaFi 105 1st Ave SW, Aberdeen, SD 57401 +1 (800) 592 - 1270
FNBO - First National Bank of Omaha 505 W 7th St, Woonsocket, SD 57385 +1 (605) 796 - 4422
Surety Finance 25 9th Ave SE, Watertown, SD 57201 +1 (605) 882 - 9824
ATM Cortrust Bank Na 1801 S Marion Rd, Sioux Falls, SD 57106 +1 (800) 627 - 3999
ATM Great Western Bk 101 E King St, Chamberlain, SD 57325 +1 (800) 627 - 3999
Surety Finance 819 S Marion Rd, Sioux Falls, SD 57106 +1 (605) 332 - 0051
FNBO - First National Bank of Omaha 332 Broadway Ave, Yankton, SD 57078 +1 (605) 665 - 9611
Dnb National Bank 305 4th St W, Clear Lake, SD 57226 +1 (605) 874 - 2191
The First National Bank in Sioux Falls 120 E 2nd Ave, Flandreau, SD 57028 +1 (605) 997 - 2484
EZ Payday Advance 2304 6th St, Brookings, SD 57006 +1 (605) 692 - 4002

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Howes, SD, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Rapid City, SD and Payday Loans in Sioux Falls, SD. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Howes, SD.

Beautiful sights of Howes, SD

Are Payday Loans Legal In Howes, South Dakota?

Loan Rates and Fees, Laws and Regulations in South Dakota.

South Dakota Loan Regulations

Legal StatusLegal (restrictions apply)
Interest Rate (APR, %)36% small loan cap
Maximum Loan Amount$500
Minimum Loan TermNot Specified
Maximum Loan TermNot Specified
Number of Rollovers Allowed4
Finance Charges$1.39 for a $100 loan given for 2 weeks

Howes, SD payday loan calculator

Understanding Payday Loans in Howes, South Dakota

Several reasons could explain the sudden need for a loan. It could be the cost of car repairs, medical bills, or even rent. In some instances, a paycheck advance or payday loan might be necessary. In South Dakota, payday loans are legal, and individuals in the Howes area might consider these loans as an option of last resort.

What Are Payday Loans?

Payday loans are typically high-interest, short-term loans taken out during an emergency situation, typically with the agreement that it will be repaid at the borrower’s next payday. While these loans are usually marketed as quick fixes, they do come with a high cost of borrowing. Typically, payday loans are seen as an option for individuals who do not qualify for conventional loans or lines of credit. Payday lenders typically do not require borrowers to have good credit.

How Do Payday Loans Work?

The borrower must provide proof of employment and an active checking account to qualify for a payday loan. The lender then issues a loan for the agreed-upon amount. The borrower agrees to repay the loan plus the finance charges at the next payday. The lender will either collect a post-dated check or access the borrower’s account on the next payday. If the borrower fails to repay the loan or extend the repayment plan by an additional fee, the lender may deposit the check or debit the account to cover the loan amount as well as any applicable fees and interest.

Why Are Payday Loans So Controversial?

While payday loans can certainly provide a necessary and sometimes life-saving form of credit, the cost of borrowing can be incredibly steep. Annual percentage rates (APR) can often exceed 100%, which can make it incredibly difficult to pay back the full principal amount and any interest or fees on time, especially for those already living paycheck to paycheck. Borrowers of payday loans are at risk for falling into a cycle of debt, where they rely on payday loans to cover their necessary expenses and are unable to pay off their loan promptly or take out additional loans to cover interest and fees.

The Law in Howes, South Dakota

As previously mentioned, payday loans are legal in the state of South Dakota, including the Howes area. However, there are some limitations to the terms and conditions of payday loans.

Loan Amount Limitations

The state of South Dakota has limited the total amount a borrower can receive in payday loans. A borrower is limited to taking out no more than $500 in payday loans indebtedness at one time.

Repayment Plan Limitations

If the borrower is unable to pay the loan back on their next payday, they may request an extended payment plan. However, this only allows the borrower 4 repayment installments, which must be repaid in equal amounts.

Interest Rate Limitations

In South Dakota, payday lenders are legally allowed to charge an interest rate of up to 36% APR on payday loans. While this may seem high, other states allow payday lenders to charge a higher interest rate or may not have any interest rate limit at all.

Interesting Facts and Statistics About Payday Loans in Howes, South Dakota

  • In 2019, South Dakotans took out about 800,000 payday loans, totaling over $395 million with an average APR of 391%.
  • One in ten South Dakotans took out a payday loan in 2019.
  • The average South Dakota borrower takes out 10 payday loans annually, spending an average of 199 days in debt.

Apply Now

If you’re in need of a payday loan in Howes, South Dakota, TheGuaranteedLoans can help connect you with lenders. Please note that we are a connector service, and we do not directly lend money. When you apply with us, we’ll provide your information to potential lenders. From there, the lender will contact you to discuss the loan’s terms and conditions. By filling out our online application, you can increase your chances of being connected with a lender and getting the money you need in no time.

Remember, payday loans can be a short-term solution to an immediate financial problem. Be sure to read and understand the terms and conditions of any loan agreement before accepting it to avoid getting trapped in a cycle of debt.

F.A.Q.

Are payday loans in Howes, South Dakota regulated by the state?

Yes, payday loans in Howes, South Dakota are regulated by the state. Lenders must be licensed and adhere to specific rules and regulations.

Can I take out a payday loan if I have bad credit in Howes, South Dakota?

Yes, you can take out a payday loan if you have bad credit in Howes, South Dakota. These loans are often available to borrowers with less than perfect credit.

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