Payday Lending Cap Fails in South Dakota

In an effort to cap the online cash advance interest rates in the state of South Dakota has failed today. Not one but two different bills were shut down by legislators which allows payday lending in the state to continue without any harsh limitations. The first bill in question would have limited all South Dakota online cash advances, payday loans and title lenders from charging an interest rate of more than 36 percent. The second bill would have upped the licensing fee from the current $1000 to $5000. In addition, lenders would have also been banned from using less than sophisticated manners to collect loans such as verbal threats, violence, publishing the names of people who have defaulted on their loans and constant calling. Payday loans and cash advances are small sums of money which are borrowed and paid back upon one's next paycheck. In the state of South Dakota, one cannot take out a cash advance that exceeds $500. Rolling over the loan is allowed according to the state payday loan laws. Online cash advances in South Dakota are a valuable tool for many who cannot traditionally receive a loan. If these bills were passed, most if not all of the online cash lenders would have to close their doors permanently.

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