Payday loans (also known as cash advances) are becoming more and more popular throughout South Dakota, a safe-haven for the money-lending industry. With nearly 300 storefront cash advance operations statewide, South Dakota holds the #2 spot nationally for the number of such lending institutions on a per capita basis.

Cash advances are very short term (under a month), small dollar amount loans (usually $1,000 or less) that have been designed for the purpose of carrying one through a sudden financial mishap or emergency until their next payday or government check payment.

Say, for example, that your home’s hot water heater decided to break down in the middle of January. You don’t have any extra cash to spare right now, and won’t have any until a week from Wednesday, which is your next payday. A cash advance is an ideal way to pay for the necessary repairs or a new system so that you and your family can bathe with warm water.

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Since the payday loan industry doesn’t require credit checks in order to process your loan, you can still get the money you need, even if your credit isn’t so perfect. Cash advance lenders use your current paycheck to determine your loan amount, noting your gross and net earnings for the week.

Many cash advance lenders will write your loan on the basis of your post-dated check. You simply write the check out to your lender for the full amount of the loan, plus any applicable fees. When your loan becomes due, the lender simply cashes the check and applies the correct amount to your loan and keeps the fees.

South Dakota law protects all parties involved in cash advances:

Maximum of 4 rollovers per loan (repaying one cash advance with another).
No interest rate cap at this time.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.