Loans in South Dakota: payday, personal & title loan laws (2026)
Payday Loans Not available
Payday loans are effectively prohibited in South Dakota by the 36% rate cap adopted by voters in Initiated Measure 21 (effective November 16, 2016).
Personal Loans
36% APR cap, all fees included, for every licensed money lender.
Title Loans Not available
Title loans are effectively prohibited by the same 36% cap.
South Dakota at a glance
Counties in South Dakota
Cities in South Dakota
Frequently asked questions
Are payday loans legal in South Dakota?
Payday loans are effectively prohibited in South Dakota by the 36% rate cap adopted by voters in Initiated Measure 21 (effective November 16, 2016). Every licensed money lender is limited to 36% a year including all fees, and loans above the cap are void.
How much do payday loans cost in South Dakota?
36% a year, counting all fees and charges.
Are title loans legal in South Dakota?
Title loans are effectively prohibited by the same 36% cap. Chapter 54-4 still defines title loans and title lenders, but any title loan must stay at or under 36% a year.
What interest can title lenders charge in South Dakota?
36% a year, including all fees.
Is there a cap on personal loan interest rates in South Dakota?
36% APR cap, all fees included, for every licensed money lender.
Do personal loan lenders need a license in South Dakota?
Yes. No one may engage in the business of lending money without a money lender license from the Division of Banking (a Class 1 misdemeanor otherwise). Each location must be licensed separately, through NMLS.