South Dakota is a state located in the Midwestern region of the United States. South Dakota Payday Loans are very popular short term loans. There are not many laws which regulate the payday loan in South Dakota. The state requires a license before allowing South Dakota payday loans businesses to operate. The amount which the borrower can procure is $500. But interest rate can vary from 10%-30%.

South Dakota Payday Loans laws state that lender must specify the rate, fees and APR on the contract. All the transaction must be documented and should confirm the borrower’s permission. Payday law of South Dakota does not specify the time period for which these loan can be provided.