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South Dakota Installment Loans
If you live in South Dakota, you can easily access pay day loans since they are legal and there are already several companies that deal with instant cash loans. All states regulate cash lending companies up to a certain extent. South Dakota has some laws that impose a few limitations and regulations on companies that deal with pay day loans in the state.
The purpose of these laws and limitations is to prevent borrowers from getting trapped in sticky loan cycles. If you plan on asking for a south dakota installment loan in South Dakota, it is important that you learn some of these laws and regulations that govern pay day loans so that creditors do not take advantage of you. With that in mind, the following are some of the laws that govern these cash lending companies:
1. Requirements For A License
Every payday installment loan company in South Dakota is required to acquire a license as a small loan lender in order to be allowed to issue loans. They must adhere to the pay day loan acts of small loan lenders regardless of whether they are at the federal or state level.
They are obligated to inform their clients of the company's fees and terms before they accept a loan application. They are also required to notify their clients that the loans are only meant for short term expenses as well as inform them finance charges or any fees that the customer will have to pay if they fail to pay up the loan on time.
2. Time It Takes To Repay The Installment Loan
The laws in South Dakota do not regulate the length of time that a borrower can take to repay the loan once they access it. It is up to the pay day loan company to make the term as long or as short as they wish. It is not unusual to find that a customer may be required to repay a loan within six months while another company may give the customer a period of two days to repay.
3. Installment Loan Fees And Charges
South Dakota laws may not have any say over the high interest rates that pay day loan companies charge their clients but they have a strict law that states the maximum amount of instant cash that a customer can be issued with is $500. Other than that, it does not place any regulations on finance charges, interest rates, or the surcharges.
A lender is allowed to charge as low or as high as they want on the services that their customers access. In addition, pay day loan companies are allowed to charge interest on amounts as little as $100 issued for two weeks.
4. Extension of Installment Loans
A creditor can decide to renew a loan, according to South Dakota laws, up to four times. This means that if a customer is unable to repay a loan within the required time frame, they can renew the loan and pay any extra finance charges and interests.
This benefits those who are unable to repay their loans on time although they have to agree to pay any additional charges that come with extension accrues.
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