Payday Loans in Ideal, South Dakota

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

Company nameAddressZip codePhone number
Advance America 1005 W 11th St, Sioux Falls, SD 57104 +1 (605) 332 - 7553
Dakotaland Federal Credit Union 1004 Washington Ave S, Madison, SD 57042 +1 (605) 256 - 6511
Affiliated Mortgage - Premier Home Loan Lender 2920 W Main St 2, Rapid City, SD 57702 +1 (605) 718 - 9820
BankWest 703 Main St, Armour, SD 57313 +1 (605) 724 - 2155
Great Western Bank 1 W Main St, Rosholt, SD 57260 +1 (605) 537 - 4211
American Bank & Trust 805 Main St, Alpena, SD 57312 +1 (605) 849 - 3249
Wells Fargo Auto Finance 14 S Main St, Aberdeen, SD 57401 +1 (605) 229 - 0100
Farm Credit Services of America 401 Cabela Dr, Mitchell, SD 57301 +1 (605) 996 - 2774
Reliabank 720 E Kevin Dr, Tea, SD 57064 +1 (605) 498 - 3683
American Bank & Trust 265 Commercial Ave SW, Wolsey, SD 57384 +1 (605) 883 - 4112

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Ideal, 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 Loan for 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 Ideal, SD.

Payday Loans Available in Ideal, SD By The Following ZIP Codes:

57541

Are Payday Loans Legal In Ideal, 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

Ideal, SD payday loan calculator

Understanding Payday Loans in Ideal, South Dakota

Payday loans are short-term, unsecured loans that are typically used to cover unexpected expenses or to bridge gaps in cash flow. In Ideal, South Dakota, payday loans are a legal option for consumers who meet certain eligibility requirements.

Eligibility for Payday Loans in Ideal, South Dakota

In South Dakota, to be eligible for a payday loan, you must meet the following requirements:

  • You must be at least 18 years old
  • You must provide proof of steady income
  • You must have a checking account
  • You must provide a valid phone number and email address

It’s important to note that payday loans are not available to members of the military or their families due to federal regulations.

How Payday Loans Work

When you apply for a payday loan in Ideal, South Dakota, you’ll typically fill out an application that will ask you for personal information and details about your employment and income. Once you’ve been approved for a loan, you’ll receive the funds directly into your checking account.

The amount you can borrow and the interest rate you’ll pay will vary depending on your income and the lender you work with. It’s important to carefully review the terms of your loan agreement before accepting any funds.

The Pros and Cons of Payday Loans

As with any financial product, payday loans have their advantages and disadvantages. Here are some of the key pros and cons to consider:

Pros:

  • Can provide quick access to cash in an emergency
  • May be more accessible than other forms of credit if you have bad credit or no credit history
  • Can be a useful short-term financial tool if used responsibly

Cons:

  • Interest rates are typically very high, which means you may end up paying back significantly more than you borrowed
  • Failure to repay your loan on time can lead to expensive fees and damage to your credit score
  • Some lenders may engage in predatory lending practices that exploit vulnerable consumers

Interesting Facts about Payday Loans in Ideal, South Dakota

  • The average payday loan in South Dakota is $350
  • The average APR for a South Dakota payday loan is 574%
  • Under South Dakota law, lenders can charge up to 36% interest on loans up to $2,500, but payday lenders are allowed to charge much higher rates

Apply Now

If you’re interested in applying for a payday loan in Ideal, South Dakota, TheGuaranteedLoans can help connect you with potential lenders. Please note that we are a connector service, not a direct lender, and that our goal is to help you find the best loan option for your needs. To get started, simply fill out our online application today.

F.A.Q.

What happens if I can't repay my payday loan in Ideal, South Dakota?

If a borrower is unable to repay their payday loan in Ideal, South Dakota on their next payday, the lender may allow them to roll the loan over into a new loan. However, this will result in additional fees and interest charges, which can quickly make the loan more expensive. Borrowers should carefully consider their ability to repay the loan before agreeing to roll it over.

Are there any alternatives to payday loans in Ideal, South Dakota?

Yes, there are several alternatives to payday loans in Ideal, South Dakota. Borrowers can consider borrowing from friends or family, applying for a small personal loan from a bank or credit union, or seeking assistance from a nonprofit organization.

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