Payday Loan Debt In South Dakota Is Second Highest In Nation!


payday loan debt inOut of fifty states payday loan debt in South Dakota comes in the second costliest!

That means there is only one other state in the union that has a higher interest rate than South Dakota for their payday loans and that state is Idaho.

How does your state rank and is there anything a person can do to fight back against these companies and their crazy interest rates?

Let’s take a look at the reasons for these rates and what a consumer can do to fight back!

[Click here to see how we can help you with payday loan debt in any state!]

Why Are rates So High?


payday loan debt inThere are two main reasons why the loan companies can charge such a high interest rate and the first reason really creates the second one.

Let me explain.

The payday loan companies spend huge amounts of money on lobbyists who work hand in hand with politicians making sure the laws favor their companies.

By doing this they can really write their own regulations, and those regulations always favor the companies, not the borrowers.

This leads to the second reason they can charge such high rates.They have no resistance when they set the rules, thus they take advantage of people who are in need.

They have no resistance from the government due to their lobbying efforts so when the rules are written they are in control of what those rules dictate. thus they take advantage of people who are in need of short term money and can not get it anyplace else.

Thus they can take advantage of people who are in need of short term money and can not get it anyplace else.

Fighting Back


Some states are fighting back and rewriting laws and even outright banning payday loans completely.

While this is always a good thing it may be too little too late for many who are caught in the payday loan trap and these companies often ignore individual state laws completely with their online stores.

Still, some states like New York are fighting back and even prosecuting companies that violate the new laws they are creating and many senators are calling for a nationwide system to make all payday loans accountable to one agency.

I am ALready Trapped!


trappedIf you are already trapped in payday loan debt take a deep breath and let me assure you that help is available and only a minute away!

Give us a call at 1-877-280-5100 or fill out our free quote form and we will show you how to get out of that payday loan trap today!

If you are not trapped and thinking of using these services please take a look at our article on how to use safely take out a payday loan.

Summary


While payday loans can be used safely they can also put you in serious debt in very little time.

Sometimes we need to get money fast and while this is a viable option one must be informed and cautious when using them.

I hope this article helps in understanding the risks and benefits of payday loans and how to safely use them!

We want to hear from you!

If you have any questions or comments please leave them in our comments section below!

 

[Click here to see how we can help you with payday loan debt in any state!]

4 thoughts on “Payday Loan Debt In South Dakota Is Second Highest In Nation!”

  1. This is a well put together niche.I love the way this site breaks down all of the do and don’t about the payday business.You get right to point in your content about everything.Also this site is a very good site.Great job on pages and your post.Well I really hope the government cut these programs out they are sharks.Lol!!!Thanks great job and keep up the good work.

    1. Hi, Mark!

      Thanks for checking the website and the business out!

      Keep an eye out in the next few days for our latest post on just what you have mentioned!

      Shawn>>

  2. Payday loans are horrible. I feel really bad for people that feel desperate enough to fall into the Payday loan trap. I just don’t see how anyone can get from under water with there ridiculous interest rates. I cannot believe that they can write their own regulations. I have often wondered how they can get away with taking advantage of people so badly. I would tell anyone not to get a payday loan. Seems like you would just get more and more in debt.

    1. Hi, Matt!

      I agree, the best way to deal with payday loans is to not deal with them at all.

      You can use them safely if you follow 3 rules. 

      1. Never borrow more than you can pay back on the first due date in full

      2. Never extend a payday loan

      3. Never take out more than one at a time.

      Follow these rules and you can avoid the payday loan trap but you will still be paying a huge interest rate for a one time short term loan.

      Thanks for stopping by Matt!

      Shawn>>

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