Voters capped all-in costs at 36% APR in a decisive 2016 ballot measure.
What a Cash Advance Costs in South Dakota
South Dakota's Initiated Measure 21, approved by 76% of voters in 2016, caps the total cost of a cash advance — principal, interest, and fees combined — at 36% APR.
Loan Size, Term, and Renewal Rules
The measure pushed roughly 121 traditional lenders out of the state in 2017 alone, unable to operate profitably under the cap.
| Factor | Rule |
|---|---|
| All-in rate cap | 36% APR |
| Approved | 76% of voters, 2016 |
| Loan limit | $500 |
Verify current rules with the South Dakota Division of Banking before applying with any lender — this summary is for general information only, not legal advice.
Comparing Your Options in South Dakota
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