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stop payment question

Date: Thu, 05/26/2011 - 07:13

Submitted by anonymous
on Thu, 05/26/2011 - 07:13

Posts: 202330 Credits: [Donate]

Total Replies: 3


I am looking at possibilties for settling my payday loans, but for this month can I put a stop payment on the ACH transfers so I have time to work somethign out. I would contact the lenders as well and let them know what I am doing.


South Dakota. I asked for the loans and want to pay them back, but the interest rates are eating up my paycheck so i want to find a way to pay them back one at a time or slower


lrhall41

Submitted by on Thu, 05/26/2011 - 07:39

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Which companies did you use for the loans? Were they internet or store front? Please check SD payday loan laws here: http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
South Dakota Payday Loan Laws

State Legal Status
Lending of payday loan is permitted in the State of South Dakota under licensing law or small loan act.

Loan Specifications


  • Maximun Amount of Loan - $500
  • Term of Loan - Not Specified
  • Maximum Rate of Finance and Fees- Not Specified
  • Finance Charge on $100 loan for a 14 day period - No Limit
  • APR for $100 loan for a 14 day period - No Limit

Debt Limits

  • Maximum Number of outstanding loans permitted at a time - Not Specified
  • Permissible number of Rollovers - 4 (is outstanding fees is paid by the debtor each time then the licensee can rollover, renew or flip loan)

Limits of Collection

  • Collection Fees - Not Specified
  • Criminal Action - Not Specified

File your Complaint and get Information

  • Regulator - South Dakota Division of Banking
  • Address - 217 1/2 West Missouri Avenue Pierre SD 57501
  • Phone - (605) 773-3421
  • Fax - (605) 773-5367


lrhall41

Submitted by J L B on Thu, 05/26/2011 - 08:02

( Posts: 329 | Credits: )