5.99 - 21.49 %
APR
2 - 6 years
Loan Term
Check rates
On partner's site

Best Personal Loans in South Dakota

We have found 113 personal loans in South Dakota. Compare and choose the best loan for your purpose.

By Myfin Team
Updated June 20, 2024
Showing 113 personal loans
APR
5.99 - 21.49 %
with Autopay
Term
2 - 6years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.5%
  • Origination fee:
    No origination fee.
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Low rates
    • No fees
    • Fast approval and funding
    • Rate discount for autopay
    • Digital experience
  • Cons:
    • Minimum loan amount is a bit high
    • Requires a long credit history

LightStream is the online lending division of Truist (formerly SunTrust Bank).

The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason.

LightStream charges no fees on its personal loans. Plus, it offers to send you $100 if you’re unsatisfied with the loan process.

See LightStream full product review
Check rates
On partner's site
APR
6.99 - 24.99 %
with Autopay
Term
3 - 6years
Loan amount
$3,500 - $40,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.25%
  • Origination fee:
    No origination fee.
  • Funds available in:
    5 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No fees
    • Autopay discount
  • Cons:
    • Long time to receive funds
    • No Cosigner Option

Marcus offers unsecured personal loans up to $40,000 with rates from 6.99% to 24.99%.

Marcus does not charge origination, late payment and check processing fees.

See Marcus by Goldman Sachs full product review
Check rates
On partner's site
APR
5.6 - 35.99 %
Term
3 - 5years
Loan amount
$1,000 - $50,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    10%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No prepayment penalty
    • Next day funding
  • Cons:
    • Origination Fee
    • Extra Fees

Upstart loans range from $1,000 to $50,000. Not all applicants will qualify for the full amount.

The minimum loan amount: $7,000 (MA), $6,000 (Ohio), $5,100 (NM), $3,100 (GA), $2,100 (HI).

Borrowers need credit scores of 580 or higher.

Upstart offers fixed-rate APRs that vary from 5.60% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 0% to 8%.

See Upstart full product review
Check rates
On partner's site
APR
8.99 - 29.99 %
Term
2 - 5years
Loan amount
$5,000 - $40,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    5%
  • Funds available in:
    3-6 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No prepayment or late fees
    • Free monthly FICO score updates
  • Cons:
    • Co-signers are not accepted
    • Origination Fee
    • Slow funding
    • Not available in all states

The Payoff Loan™ is an unsecured personal loan designed to consolidate your credit cards into one monthly payment. Payoff requires a minimum FICO credit score of 640 or higher. It provides loans of up to $40,000.

The Payoff platform provides loans with rates between 8.99% and 29.99% APR. Minimum loan amount and APR may vary in certain states.

See Payoff® full product review
Check rates
On partner's site
APR
8.3 - 36 %
Term
3 - 5years
Loan amount
$1,000 - $40,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    3 - 6%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Quick, easy online application
    • Fast funding
  • Cons:
    • Origination fee

LendingClub offers loans of $1,000 to $40,000.

The APR range is from 8.30% to 36.00%. Loan terms are available for 3 or 5 years.

LendingClub charges an origination fee of 3% to 6% on personal loans.

See LendingClub full product review
Check rates
On partner's site
APR
7.99 - 23.43 %
with Autopay
Term
2 - 7years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Autopay discount:
    0.25%
  • Origination fee:
    No origination fee.
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Rate discount for autopay
    • No Fees
  • Cons:
    • Not available to residents of Mississippi
    • No secured loan option

SoFi loans range between $5,000 to $100,000.

The APR range is from 7.99% to 23.43% (with discounts). Loan terms are available for 2 or 7 years.

The loan is not available in Mississippi.

SoFi personal loans have no fees: no origination fees, no late fees, no prepayment penalties.

See SoFi full product review
Check rates
On partner's site
APR
9.95 - 35.95 %
Term
1 - 5years
Loan amount
$2,000 - $35,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    4.75%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Low minimum credit score requirements
    • No prepayment fees
  • Cons:
    • Fees
    • No Autopay discount
    • No Cosigner Option

Avant offers unsecured loans of $2,000 to $35,000. Rates range from 9.95% to 35.95%.

Avant charges an origination fee up to 4.75%.

Avant personal loans are not available in Colorado, Iowa, West Virginia, New York, Vermont, Hawaii, and Nevada.

See Avant full product review
Check rates
On partner's site
APR
7.95 - 35.99 %
Term
3 - 5years
Loan amount
$2,000 - $40,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Origination fee:
    2.41 - 5%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Simple application process
  • Cons:
    • Origination fee
    • Extra Fees
    • No Autopay Discount
    • Not available in all states

Prosper offers fixed-rate APRs that vary from 7.95% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 2.41% to 5%. Prosper charges $15 for failed payments or returned checks. Payments that are 15 or more days late are assessed a late fee.

If you don't qualify for a personal loan with Prosper, consider applying with a co-applicant.

See Prosper full product review
Check rates
On partner's site
APR
7.99 - 35.99 %
Term
3 - 5years
Loan amount
$2,000 - $50,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    0.99 - 8.99%
  • Funds available in:
    1-3 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval
    • Low fixed rates
    • Fast funding
  • Cons:
    • Fee charged

Best Egg is a national online lending platform offering personal loans starting at $2,000 for a variety of purposes.

Best Egg’s personal loans are ideal for consolidating debt or funding major expenses. Borrowers cannot use loans toward securities or postsecondary educational expenses.

There are no prepayment penalties, so you can pay off the loan ahead of schedule without extra fees.

Best Egg origination fees vary from 0.99% to 8.99%.

The quote you receive is based on multiple factors, including: Credit score and history, Income, Debt obligations, Loan amount, Repayment term (36 vs. 60 months).

See Best Egg full product review
Check rates
On partner's site
APR
18 - 35.99 %
Term
2 - 5years
Loan amount
$1,500 - $20,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    $25 - $500
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Secured and unsecured options
    • Poor-credit applicants considered
  • Cons:
    • Origination fee
    • Extra Fees
    • High Rates

OneMain Financial offers loans that range from $1,500 to $20,000. The annual percentage rate ranges from 18.00% to 35.99%.

You may be approved for an unsecured or a secured loan. A secured loan requires you to provide collateral, such as a motor vehicle, while an unsecured loan doesn’t require any collateral at all.

OneMain charges late payment fees. These fees may range from a flat amount of $5 to $30 per late payment, or they may be a percentage of your entire monthly payment amount or a percentage of the delinquent portion of your monthly payment amount, ranging from 1.5% to 15%.

The lender charges an origination fee. Flat fees vary by state and range from $25 to $500. Percentage fees range from 1% to 10% of the loan.

See OneMain Financial full product review
Check rates
On partner's site
For example, if you apply for a 2-year $5,000 personal loan with an interest rate of 15% and an origination fee of 5% you would receive $4,750 and make 24 payments of $242.43. The total amount paid would be $5,818.
Search for best loan
Showing 113 personal loans
Amount
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Loan Purpose
  • Personal Loan
  • Home Improvement Loan
  • Medical (Dental) Loan
  • Debt Consolidation Loan
  • Major Purchase
  • Refinance Credit Card
  • Moving Expenses (Relocation)
  • Travel
  • Other

TOP 5 banks offering personal loans in South Dakota

Showing 5 banks
Sort by: Branches
Branches 39 bank branches
Total Assets (US$M)1,712,535,000
Beresford
1208 W Cedar St, Beresford, SD, 57004
Thursday: 9:00 AM - 4:30 PM
Brandon
1228 E Holly Blvd, Brandon, SD, 57005
Thursday: 9:00 AM - 5:00 PM
Brookings
527 Main Ave, Brookings, SD, 57006
Thursday: 9:00 AM - 5:00 PM
Show all departments
Branches 17 bank branches
Total Assets (US$M)3,503,723
Madison Branch
202 Nw 2Nd Street, Madison, SD, 57042
Wakonda Branch
115 Ohio Street, Wakonda, SD, 57073
Sioux Falls - Benson Road Office Branch
3700 Potsdam Avenue North, Sioux Falls, SD, 57104
Show all departments
Branches 16 bank branches
Total Assets (US$M)31,970,444
Rapid City Gateway Branch
333 West Boulevard, Rapid City, SD, 57701
Rapid City East Branch
847 N. Creek Dr., Rapid City, SD, 57703
Belle Fourche Branch
41 Fifth Avenue, Belle Fourche, SD, 57717
Show all departments
Branches 16 bank branches
Total Assets (US$M)4,181,748
Brookings Mall Branch
700 22Nd Avenue South, Brookings, SD, 57006
First Bank & Trust
520 6Th St, Brookings, SD, 57006
Sixth Street Branch
2220 Sixth Street, Brookings, SD, 57006
Show all departments
Branches 14 bank branches
Total Assets (US$M)582,252,757
Colton Branch
200 E 4Th, Colton, SD, 57018
Hartford Sd Branch
103 S Main Ave, Hartford, SD, 57033-2022
Thursday: 9:30 AM - 4:00 PM
Show all departments

How to choose the best personal loan in South Dakota?

When choosing the ideal personal loan in South Dakota, it's crucial to take into account several factors that match your financial requirements. To aid you in making a well-informed choice, here are some tactics to facilitate a thorough comparison and selection of the most suitable loan option:

Annual Percentage Rates

The APR (Annual Percentage Rate) provides a comprehensive view of the overall expenses associated with a loan, encompassing both the interest rate and any relevant fees. By comparing APRs, you can make a precise assessment of which loan will result in higher expenses over time. In South Dakota, the typical APR falls within the range of 4.49% to 36%.

Loan Amount

Conduct thorough research on loan amount options and choose a lender that offers a loan size suitable for your needs. In South Dakota, you can explore loans ranging from $100 to $500,000. Additionally, some lenders offer the flexibility to withdraw funds incrementally, enabling you to pay interest only on the amount utilized. This feature can be advantageous and align better with your financial circumstances.

Monthly Payments

Ensuring that the monthly payment for your personal loan comfortably fits within your budget is of utmost importance. This ensures that you can fulfill your regular financial commitments, repay the loan, and cover the associated interest without strain. By meticulously evaluating your budget and ensuring a manageable monthly payment, you can maintain your financial stability and effectively fulfill your loan obligations.

Credit Requirements

While lenders generally favor borrowers with good to excellent credit scores (typically 670 or higher), there are lenders who are willing to consider individuals with poor to fair credit. It's important to note that having a high credit score does not guarantee a lower interest rate, but it does enhance your chances of getting approved for a loan. In South Dakota, the minimum acceptable credit score is Poor (300 - 579).

Collateral

While most personal loans are unsecured and do not require collateral, some loans may have collateral requirements. Secured loans typically offer lower interest rates since the lender assumes less risk with collateral involved. On the other hand, unsecured loans usually have higher interest rates. If you have concerns about high interest rates, which can reach 36% in South Dakota, a secured personal loan might be a viable option.

Origination Fee

Many lenders charge origination fees, in addition to interest charges, to cover processing costs. These fees generally constitute a percentage of the total loan amount, typically falling within the range of 0.5% to 1%. Opting for a personal loan with minimal processing fees can lead to significant long-term savings. Therefore, it's essential to consider this factor when selecting a loan.

Compare the best personal loans in South Dakota

LenderAPRLoan AmountLoan termOrigination FeeScore RequiredApply
LightStream
6.49 - 21.99%$5,000 - $100,0002 - 6 yearsNo origination fee.From Fair (580-669) to Fair (580-669)Check rates
On partner's site
Marcus by Goldman Sachs
7.24 - 25.24%$3,500 - $40,0003 - 6 yearsNo origination fee.From Fair (580-669) to Excellent (740-799)Check rates
On partner's site
Upstart
5.6 - 35.99%$1,000 - $50,0003 - 5 years10%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
Payoff®
8.99 - 29.99%$5,000 - $40,0002 - 5 years5%From Good (670-739) to Excellent (740-799)Check rates
On partner's site
LendingClub
8.3 - 36%$1,000 - $40,0003 - 5 years3 - 6%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
SoFi
8.24 - 23.68%$5,000 - $100,0002 - 7 yearsNo origination fee.From Good (670-739) to Excellent (740-799)Check rates
On partner's site
Avant
9.95 - 35.95%$2,000 - $35,0001 - 5 years4.75%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
Prosper
7.95 - 35.99%$2,000 - $40,0003 - 5 years2.41 - 5%From Fair (580-669) to Excellent (740-799)Check rates
On partner's site
Best Egg
7.99 - 35.99%$2,000 - $50,0003 - 5 years0.99 - 8.99%From Good (670-739) to Good (670-739)Check rates
On partner's site
OneMain Financial
18 - 35.99%$1,500 - $20,0002 - 5 years$25 - $500From Poor (300-579) to Excellent (740-799)Check rates
On partner's site

Tips for increasing your personal loan approval odds in South Dakota

  1. Improve Your Credit Score. The most effective way to increase your chances of loan approval is by improving your credit score. Focus on making timely debt payments, maintaining a low credit utilization ratio, avoiding excessive credit applications, and disputing any errors in your credit report.
  2. Boost Your Income. Lenders consider your debt-to-income ratio when evaluating loan applications. Increasing your income, whether through a raise at your current job or taking on a part-time job, can improve this ratio and enhance your approval chances.
  3. Reduce Debt. Avoid taking on new debt while applying for a personal loan. Lenders view existing debt as a risk factor, so reducing your current debt and avoiding new obligations strengthens your application.
  4. Set Realistic Loan Amounts. Lenders are typically cautious about approving large loan amounts due to increased risk. In South Dakota, the maximum loan amount available is $500,000, but securing this amount can be challenging. Applying for smaller loan amounts improves your chances of approval. Determine your precise funding needs and request the minimum amount required, as the minimum loan amount offered by lenders in South Dakota is $100.
  5. Consider a Joint Applicant. Exploring the option of a joint applicant or co-signer can enhance your loan approval odds. Lenders assess the credit scores and incomes of both applicants, potentially strengthening your application. Choose a reliable joint applicant or co-signer, as your financial obligations will be interconnected. This can be a helpful strategy if you need additional support in securing the loan.

Conclusion

To improve your odds of getting a personal loan in South Dakota, it's important to be well-prepared and take proactive steps. By following the strategies and tips mentioned earlier, you can significantly increase your likelihood of loan approval. Being proactive and well-informed will give you a competitive edge in the loan application process.

FAQ

What is the highest interest rate on a personal loan in South Dakota?

The highest interest rate on personal loan in South Dakota is 36%.

What is the biggest loan amount in South Dakota?

The biggest personal loan amount in South Dakota is $500,000.

What credit score do I need to have to get a personal loan in South Dakota?

To get approved for a personal loan in South Dakota you need to have at least a Poor (300-579) credit score.
Myfin TeamMyfin Team

Author, editor

content@myfin.us

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