Payday Loans • 574% is TOO HIGH!

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Payday lenders in South Dakota target working families and seniors. They charge an average interest rate of 574%.* Every year thousands of hard-working South Dakotans become trapped in a cycle of debt by payday, car title, and installment lenders.

These lenders offer a defective financial product intentionally designed to be a debt trap. The average payday loan borrower repays about $800 on a $300 loan because most borrowers simply cannot repay these short-term loans on time. As a result, borrowers are forced to take out another loan (and then another) just to pay the interest on their original loan. We believe families, seniors, and others who are economically vulnerable should be protected from greedy lenders charging 574% interest rate (or more).

We find it unconscionable these types of lenders have targeted those least able to pay their exorbitant fees and interest, namely those with low-incomes, the elderly, veterans, and others living on fixed incomes. It is time to end the debt trap by capping the rate these lenders can charge. Will you join us?

If you would like to volunteer, read the official petition language, make a financial contribution, or learn more about the issue, please click on the appropriate button above.


South Dakotans for Responsible Lending is a bi-partisan coalition that seeks to cap payday, car title, and installment loans at an annual interest rate of 36%. Members of the coalition are as follows. If your group or you individually would like to sign on as a Coalition Partner, please contact us at and let us know if you would like to have your name or your group’s name included here.

* “How State Rate Limits Affect Payday Loan Prices,” April 2014, Pew Charitable Trusts

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