For Immediate Release: Tuesday, Dec. 31, 2013
Media Contact: Dawn Dovre, 605.773.3094
State Banking Division Offers Information on Short-term Loans
PIERRE, S.D. -- After the holidays, many people may be in need of a little extra cash to catch up on bills. If you are considering taking out a short-term loan, make sure you understand the repayment terms of the loan you are applying for before you borrow money.
The Department of Labor and Regulation's Division of Banking stresses the importance of understanding the types of loans available, the repayment terms and the general terms of the loan contract.
"Single pay loans, such as payday loans or title loans, may result in additional charges to renew or extend the loan if you are unable to pay the balance in full at the due date," said Division of Banking Director Bret Afdahl. "Do not assume you are taking out an installment loan that can be repaid in several payments over a period of time unless it is stated in the contract."
If you have questions about loans, you may call the South Dakota Division of Banking at 605.773.3421 for additional information. For a list of South Dakota licensed lenders or to review money lending laws, visit the Division of Banking website.
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