Title Loans in South Dakota
South Dakota voters approved a 36% APR cap on short-term lending in 2016, providing strong consumer protection. Learn about South Dakota title loan laws, requirements, and how to find a legitimate lender.
Find South Dakota LendersTitle Loans in South Dakota: What You Need to Know
South Dakota voters approved a 36% APR cap on short-term lending in 2016, providing strong consumer protection. This makes title loans in South Dakota significantly more affordable than in many other states. Lenders must comply with this cap.
How Title Loans Work in South Dakota
South Dakota title loans operate under the voter-approved 36% APR cap. Your vehicle serves as collateral while you continue driving. Lenders must be licensed and follow the rate limitations set by state law.
South Dakota Title Loan Regulations
The South Dakota Division of Banking oversees title lending. The state's 36% APR cap, approved by voters, provides strong consumer protection for title loan borrowers.
- Lenders must be licensed with the South Dakota Division of Banking
- Maximum loan amount: No statutory cap
- Maximum interest rate: 36% APR cap (voters approved 2016)
- Cooling-off period: None
Typical Terms in South Dakota
While terms vary by lender, here's what you can typically expect:
- Loan amounts: $500 to $10,000 depending on vehicle value
- APR1: Maximum 36% APR
- Loan terms: Usually 6 to 24 months
- Loan-to-value: Typically 25% to 50% of vehicle value
South Dakota Requirements
- Be at least 18 years old
- Have a valid South Dakota driver's license or ID
- Own a vehicle with a clear South Dakota title
- Provide proof of income
- Have proof of South Dakota residency
- Provide vehicle registration and insurance
Regulatory Authority
South Dakota title loans are regulated by the South Dakota Division of Banking.
Visit South Website →To verify a lender is licensed, search their database or call (605) 773-3421.
Find South Dakota Lenders
Connect with licensed title loan lenders operating in South Dakota.
Get StartedImportant Information for South Dakota Borrowers
Before taking out a title loan in South Dakota:
- • South Dakota caps title loan APR at 36%
- • This is significantly lower than most states
- • Verify your lender is properly licensed
- • Still ensure payments fit your budget
- • Non-payment can result in vehicle repossession
Title Loans Available in Major South Dakota Cities
Our network includes lenders serving all major cities and metropolitan areas in South Dakota.
Tips for South Dakota Title Loan Borrowers
Know the Cap
South Dakota's voter-approved 36% APR cap protects you. Reject any higher rates.
Verify License
Ensure your lender is licensed with the Division of Banking.
Compare with Banks
With the rate cap, title loan costs may be comparable to other loan types. Shop all options.
Report Violations
If a lender charges more than 36% APR, report them to the Division of Banking.
Other State Guides
Looking for information about title loans in another state?
Find Licensed South Dakota Lenders
Connect with licensed title loan lenders operating legally in South Dakota.
Start Your Application