Jason Rathman
Written by Jason Rathman

Jason writes about all financial topics such as loans, debt solutions, and bankruptcy. He is an expert when it comes to subjects like APR, loan fine print, debt collection laws within the United States. With his in-depth knowledge of all things financial, he is a great asset to Greendayonline.

South Dakota auto title loans are secured loans that use your car as collateral. The value of your car determines the amount of money you can borrow, and you have to repay the loan within 30 days loan terms. Title loans are a type of short-term borrowing, and they usually come with high-interest rates.

How Do I Get South Dakota Title Loans?

To get a title loan in South Dakota, you must bring your vehicle title to a title loan lender and fill out an application. The lender will then appraise your vehicle to determine its worth and how much money it will lend you. If approved for the loan, you’ll sign a loan agreement and hand over your car title to the lender. You’ll then get the cash you need and have 30 days to repay the loan.

Can I Get South Dakota Title Loans With Bad Credit?

Yes, getting South Dakota title loans is possible even if you have a bad credit history or a poor credit report. Lenders often don’t require a perfect credit score because the borrower’s vehicle secures the loan. Instead, they focus on the value of your car and your ability to repay the loan.

Yes, you can get title loans with bad credit in South Dakota. Even if you have a bad credit score or no credit history at all, you may still qualify for a title loan. However, it’s essential to remember that title loans come with high-loan interest rates, so they’re not always the best option for borrowers with bad credit.

What Are The Requirements For Title Loans?

To qualify for a title loan in South Dakota, you’ll need to own a car outright or have a substantial amount of equity in your vehicle. You’ll also need to have a clear car title in your name. In addition, you’ll need to bring some form of identification, such as a driver’s license, to the lender’s office. These are some of the Basic Requirements needed by title loan providers.

What Are The Advantages of Title Loans?

Title loans come with many advantages. Below are the benefits that come with types of loans like title loans:


Title loans are a convenient way to alleviate a temporary financial burden by providing quick access to cash.

Title loans are a fast way to get quick cash. In most cases, you can get the money you need within 24 hours of applying for this type of loan.


Title loans are very convenient because you can apply online and in person. Online applications simplify the application process, and you can use the money for any purpose, including a financial emergency.

No credit check:

Most title loan lenders don’t require a credit check to approve your loan. It means that even if you have bad credit, you may still be able to get a title loan.

Minimal requirements:

To qualify for a title loan, you only need a clear car title and some form of identification. You don’t need perfect credit or a high income to qualify, which simplifies the loan process.

Flexible repayment terms:

Title loan lenders offer flexible repayment terms, so you can choose a plan that fits your budget.

Keep your car:

One of the best things about title loans is that you get to keep your car while you’re repaying the loan.

What Are The Disadvantages of Title Loans?

Title loans also come with some disadvantages. Below are the disadvantages of title loans:

High-interest rates:

One of the most significant disadvantages of title loans is their high-interest rates. Sometimes, the interest rate can be as high as 300%. It makes unsecured loans a more attractive option for some borrowers, as they generally come with lower interest rates.

Short repayment period:

Another downside of title loans is that they usually have a short repayment period. In most cases, you’ll have 30 days to repay the loan. A stable source of income is essential to ensure you can repay the loan within this period, as failure to do so can worsen your financial situation.

Risk of losing your car:

You may lose your car if you can’t repay your title loan because it serves as collateral for the loan. For those looking to avoid this risk, credit unions can offer more secure lending options.

Not available in all states:

Title loans are not available in all states. They’re only available in about half of the states in the U.S. Borrowers in states where title loans are not accessible may have to rely on traditional loans from banks or other financial institutions.

Are Title Loans Legal in South Dakota?

Yes, title loans are legal in South Dakota. The state has specific laws and regulations that govern the title loan industry. Before taking out a title loan, ensure that the lender of your choice is licensed to operate in South Dakota. It will help you avoid predatory lenders who may charge you exorbitant interest rates and not provide financial relief to you.

What Are The Title Loan Laws In South Dakota?

Lenders design title loan laws in South Dakota to protect borrowers from unfair lending practices. For example, the law requires title loan lenders to disclose the interest rate and fees associated with a loan before the borrower agrees. It allows the borrower to access Competitive interest rates from various financial institutions. The law also gives borrowers the right to cancel a loan within five days of taking it out to avoid falling into a cycle of debt. Borrowers can sometimes benefit from Loan approval on the same business day.

Do title loans ruin your credit?

No, title loans will not ruin your credit because they are considered short-term loans, and lenders don’t report them to the credit bureaus. However, if you default on a title loan, the lender may report the debt to the credit bureaus, which could negatively impact your credit score.

How much can I borrow with a title loan?

The amount you can borrow with a title loan depends on the value of your car. In general, you can borrow up to 50% of the value of your vehicle. For example, if your car is worth $10,000, you may be able to borrow up to $5,000.

What Are The Alternatives to Title Loans?

If you’re considering a title loan, you may want to consider some of the following alternatives:

Personal loans:

Personal loans are an excellent alternative to title loans because they have lower interest rates and extended repayment periods. With monthly payments and the possibility of instant approval, personal loans offer flexibility and convenience.

Payday loans:

Payday loans are another alternative to title loans. They have high-interest rates but are easier to qualify for than title loans. These cash loans can be funded quickly, sometimes even with a direct deposit.

Credit cards:

If you have good credit, you may be able to get a cash advance from your credit card. However, this option should only be used as a last resort because credit card cash advances have high-interest rates. Be prepared to provide bank statements and proof of income in some cases.

Home equity loans:

If you own a home, you may be able to get a home equity loan. Home equity loans usually have lower interest rates than title loans and may require proof of income and bank statements for approval.

Borrowing from friends or family:

Consider borrowing from friends or family when all other options have been exhausted. It can help you avoid high-interest rates and provide more flexible monthly payments. Just make sure to agree on repayment terms to maintain your relationships.

If you need cash, you may be able to borrow from friends or family. It is usually the best option because you won’t have to pay interest on the loan. It can help you cover any unexpected expenses or utility bills that may arise.

Selling your belongings:

If you need cash, you can sell some of your belongings. It can be a good option if you don’t want to take out a loan, like installment loan, when faced with unexpected expenses or need to pay off utility bills.

Frequently Asked Questions

Is Speedy Cash a legitimate and reliable financial service provider?

Speedy Cash is an established, legitimate company but has mixed reviews regarding high interest rates and fees. They provide fast loan decisions and funding.

What are the interest rates and fees associated with Speedy Cash loans?

Speedy Cash interest rates range from 129% to 199% APR. Fees include origination (1% to 10%) and monthly maintenance fees. Payday loans have the highest costs.

How fast is the loan approval and disbursement process with Speedy Cash?

Speedy Cash advertises approvals in minutes and loan disbursement as fast as the next business day once approved. Funding speed depends on the loan type.

Are there any customer reviews or testimonials that can help me gauge the quality of service at Speedy Cash?

Reviews praise Speedy Cash’s quick process but some cite high pressure sales or difficulty canceling loans. Check complaint sites for negatives along with positive testimonials.

What are the eligibility requirements for obtaining a loan from Speedy Cash?

Speedy Cash requires a steady income source, minimum age of 18, valid ID, and an active checking account. Minimum credit scores vary by loan product.

Jason Rathman

Jason Rathman


Jason writes about all financial topics such as loans, debt solutions, and bankruptcy. He is an expert when it comes to subjects like APR, loan fine print, debt collection laws within the United States. With his in-depth knowledge of all things financial, he is a great asset to Greendayonline.