Looking for an Unsecured Personal Loan in South Dakota?
Wanting to make a big purchase but just don’t have the money to cover it? Are you considering putting that purchase on your credit cards? Don’t do it! Using your credit cards for a major purchase will put you in a bad situation, one that could take several years to recover from. Instead of charging a high-ticket item onto one of your cards — or split between multiple cards — use our Loan Discovery Program to see what options are available to you to finance that larger purchase. Using a loan for higher-priced items is going to save you a lot of money in the long run while your credit cards will eat up a lot of your disposable income.
When you take out a personal loan to pay for bigger items rather than using your credit cards, you are protecting yourself from creating a financial quagmire. With credit cards, interest will accrue monthly on the principal, at rates of 20%-30%. This will make it difficult to pay off the charge; you may only be able to meet the monthly minimum payments. With an unsecured personal loan, you will have plenty of time to repay the borrowed amount at rates much lower than what the card companies offer.
Unsecured Loans for People with Bad or No Credit
Are you wanting to make a major purchase but you don’t have the money to do so, and you know your bad credit will prevent you from receiving a loan so you can make the purchase? Your bad credit is not as much of a hindrance to obtaining a loan as you might think! At Loans Now, we work differently (see our How It Works page for details). We work with your bad credit — with scores as low as 450 — to find you the best option to pay for higher-priced items, including:
- Big Screen TV
- Jet Ski or Boat
- A much-needed Vacation
- Home Improvements
- A reliable Used Vehicle
- Engagement/Wedding Ring
The first thing you need to do is to check your credit score. Not only will you need this to complete our simple, 60-second loan discovery questionnaire, but it also protects your current credit score (checking your own score does not adversely affect it). From there, a dedicated team member will work with your entire situation, not just your score, to find you the loan options that best suit your needs. In all, the whole process only takes approximately 5 minutes to complete; you can have your money in as little as 24 hours, too! It’s that fast! Get started today so you can enjoy your big purchase tomorrow.
South Dakotans Can Use a Little Help (From Time to Time)
South Dakota is a fairly healthy state. It ranks high in fiscal stability among the 50 states, and the quality of life for residents of the state is equally high. The quality of education and healthcare are both in good shape. Overall, South Dakotans are happy, healthy, and well-educated. There are a few things the state has trouble with, however. These are issues that are mostly interconnected and create a self-feeding cycle.
First, the average household income is over $4,000 below the national average income. Even with a cost of living below the national average, this is still causing people to struggle if the wrong circumstance occurs. There is also very little new business expansion happening in South Dakota, meaning that there are few opportunities for residents to better their situations. This has caused the average credit card debt in the state to rise over $7,300 — on the higher end of the spectrum compared to other states. When the wrong circumstance occurs, don’t rely on your credit cards to help you out of the situation. Consider an unsecured personal loan instead!
South Dakota Laws and Regulations for Bad Credit Personal Loans
In most of the 50 states, there are usury laws limiting the amount of interest that is permitted on a loan. South Dakota is one of only a few that does not have an usury limit on interest rates. As long as there is an agreement in writing, then lenders are allowed to charge any amount of finance charges they choose. This could lead to lenders trying to take advantage of the system so it is especially important to work with a reputable financial institution when seeking a loan; one that will not charge more than a reasonable rate of interest for the money you are looking to borrow.
The only rate of interest that is established, in terms of consumer financing, is a set rate to be charged in the absence of a contract (i.e. a friend, family member, or another person you know may lend you money and the terms of repayment are not in writing). This rate is set at 12% (South Dakota Codified Laws § 54-3-1), meaning the lender cannot charge more than this amount of interest per year if there is no paper agreement. Since the state has no usury laws, there is no penalty for lenders charging exorbitant amounts on the loans they issue.
Loans Now: Core Policies & Procedures
- Never collect or share sensitive customer information: SSN, DOB, Address.
- Never collect up-front payment to process a customer’s loan application / or fund a loan. Loans Now will NEVER ask you to send us money in any form.
- Introduce customers to our Loan Discovery Process. A one-on-one loan service strategy that fits every customer’s unique needs with the right lender for them
South Dakota Personal Loan for Bad Credit Lending Regulator
In South Dakota, the regulatory body responsible for monitoring financial institutions and their activities is the Division of Banking, part of the state’s Department of Labor and Regulation. All licenses are issued from the Division of Banking for both depository and non-depository organizations, and inspections and investigations are conducted by the government division as well.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K