Payday Loans in Tulare, South Dakota

Payday loans are a type of short-term loan that’s typically used to cover unexpected expenses. Though payday loans can be a convenient way to get fast cash, they’re also known for their high interest rates and fees. If you’re looking for a payday loan in Tulare, South Dakota, there are a few things you should know to make sure you are making a wise financial decision.

What are payday loans?

Payday loans are short-term loans that typically have to be repaid within two to four weeks. The loan amount is usually less than $500, and many payday lenders require the borrower to write a post-dated check or give them access to their bank account. Payday loans are meant to be a quick solution to cover unexpected expenses like a car repair, medical emergency, or a missed bill payment.

How do payday loans work in Tulare, South Dakota?

In South Dakota, payday loans are legal. Any licensed lender can offer payday loans to residents. The regulations for payday loan lenders require them to disclose the cost of the loan up front and what the borrower’s repayment responsibilities are.

If you’re thinking of taking out a payday loan in Tulare, you should consider the fees and interest rates associated with the loan. In South Dakota, lenders can charge a fee of up to 36% of the loan amount, which can add up quickly. For example, if you borrow $100, you could end up owing up to $136.

Additionally, many payday lenders will automatically roll over the loan if it’s not repaid on time. This can add more fees and interest to the loan, making it harder to pay off.

Things to consider before taking out a payday loan

Before taking out a payday loan, it’s important to consider all of your options. If you have a low credit score or few assets, a payday loan may seem like the only option, but there may be other alternatives to consider.

One option is to look into local assistance programs that could help cover unexpected expenses. Many states have programs to provide emergency assistance to residents who are struggling financially.

Another option is to borrow from a friend or family member. Though this can sometimes be difficult, it’s often a better alternative than a payday loan, which can lead to a cycle of debt.

Finally, you might consider using a credit card or taking out a personal loan instead of a payday loan. Though these options may carry a higher interest rate, they generally come with more favorable terms and can help you get the cash you need without falling into a cycle of debt.

Interesting facts about payday loans in Tulare, South Dakota

• In South Dakota, the average payday loan is for $269 and carries an average APR of 574%.
• In 2019, South Dakotans took out nearly 100,000 payday loans, totaling over $39 million in borrowed funds.
• The most common reason cited for taking out a payday loan in South Dakota is to cover an unexpected expense, followed by paying off debt and covering regular bills.

Apply now

If you’ve considered your options and decided that a payday loan is the right choice for you, TheGuaranteedLoans can help you find a licensed lender in Tulare, South Dakota. Simply fill out our easy online application to get started. Remember, TheGuaranteedLoans is not a direct lender, but a loan connector service that will guide you through your options and help you make an informed decision about your financial needs.

At TheGuaranteedLoans, we’re committed to providing honest, straightforward information about financial products, so that our readers can make informed choices. If you have questions about payday loans in Tulare, South Dakota, feel free to get in touch with our team, and we’ll be happy to help.