By Shawn Martin
South Dakota payday loan laws are pretty much set up for open season on borrowers.
There is a $500.00 loan amount limit in this state and no limits on roll overs, leading to huge payday loan debt in a hurry.
Again, this is another state that allows payday loans to charge any interest and fees that the borrower will agree to pay.
Annual percentage rates are incredibly high, and there are no limits on how many loans you may take out, leading to borrowing to cover borrowed money, a disastrous practice. There is also no limit on the length of the loan.
Many people do not understand how these loans were designed to be used.
The practice was first created for a one-time short-term loan that would be paid off in full on the first due date. It did not take long for the loan companies to find and start using loopholes to make huge amounts of profits off the borrowers.
They introduced rollovers and multiple loans at one time and before you know it, they had created many ways to trap the borrower or get them caught in the payday loan trap.
We can help!
If you have found yourself caught in the payday loan trap and your lenders are calling you at home and at work, calling all your references you put on your application, and threatening legal action take a deep breath and relax, we can help you.
I hope this information helps people understand these services are to be avoided and if already trapped there is help available!