Best Loans for Bad Credit in South Dakota for 2024

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Reviewed byAlvin Yam, CFP
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Reviewed byAlvin Yam, CFP
Edited byDenise Cristobal
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Updated: April 24, 2024

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Happy Money is the best personal loan lender for bad credit in South Dakota, with a MoneyGeek score of 94 out of 100. It offers quality service, has competitive interest rates and is credible and transparent about its loan terms and process. Avant is the runner-up, with a MoneyGeek score of 92 out of 100. It is known for its broad payment options, quick application and approval process, and strong customer service.

To identify the best options for bad credit loans, MoneyGeek reviewed four personal loan lenders in South Dakota that disclosed minimum credit score requirements between 580 and 640. While the overall best and runner-up lenders are notable, it's also wise to consider local services such as Aspen Federal Credit Union, Black Hills Federal Credit Union and BankWest, which cater to the specific financial needs within South Dakota.


    Overall Best Bad Credit Loan Lender in South Dakota

  • Happy Money

    • 94MoneyGeek Score
    • 11.72% to 17.99%APR Range
    • 640Minimum Credit Score
    • $5,000 to $40,000Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    Happy Money is MoneyGeek's pick as the best personal loan lender for bad credit in South Dakota, with a MoneyGeek score of 94 out of 100. It is not a traditional lender but a fintech company that partners with federally insured lending partners of the NCUA for loan origination. Happy Money caters to applicants with a minimum credit score of 640, offers personal loans ranging from $5,000 to $40,000 and disburses funds as quickly as the next day. It does not charge fees for late payments or failed ACH. However, borrowers should note it requires an origination fee and only offers loans for debt consolidation.


    • Doesn't charge late, early repayment, bounced check, failed ACH or other fees
    • Flexible repayment terms from 24 to 60 months
    • Offers to pay creditors directly


    • Only offers loans for debt consolidation
    • Charges an origination fee
    • No co-signers or co-borrowers
    Happy Money

    Runner-Up for Best Bad Credit Loan Lender in South Dakota

  • Avant

    • 92MoneyGeek Score
    • 9.95% to 35.99%APR Range
    • 580Minimum Credit Score
    • $2,000 to $35,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms

    Avant is the runner-up for the best bad credit loan lender in South Dakota, with a MoneyGeek score of 92 out of 100. It works with WebBank, a state-chartered member FDIC bank, to originate personal loans. For borrowers with less-than-ideal credit, it requires a minimum credit score of 580 and offers loans ranging from $2,000 to $35,000, with the possibility of receiving funds the next day. Avant does not charge a prepayment penalty and offers flexible repayment terms of 12 to 60 months. Applicants should note it charges an administration fee of up to 9.99% and imposes late fees and dishonored payment fees.


    • Doesn't charge a prepayment penalty
    • Flexible repayment terms from 12 to 60 months
    • Offers next-day funding


    • Charges an administration fee of up to 9.99%
    • Has late fees and dishonored payment fees
    • Low borrowing limits at $35,000

Calculate Your Monthly Loan Payment in South Dakota

According to TransUnion's Credit Industry Snapshot report, the average new account balance for personal loans in South Dakota is $9,768. After receiving a personal loan, borrowers are expected to repay the amount over time in regular installments, which typically include both principal and interest.

Calculating your monthly loan payments is a critical step, particularly for individuals with bad credit. Accurate calculation helps with budgeting and ensuring that payments are manageable within your financial situation. To estimate your loan payments, consider using MoneyGeek's personal loan calculator, which can provide quick and easy insights into your potential repayment plan.


Best Bad Credit Loans by Credit Score in South Dakota

South Dakota's average credit score of 734 is higher than the national average of 715, based on Experian data.

Some lenders in South Dakota may consider applications from borrowers with bad credit. However, they typically charge higher interest rates and provide less favorable terms. Refer to the following table to find personal loan lenders in South Dakota that match your credit profile.

What to Do if Your Loan Application Is Denied in South Dakota

It's not uncommon to face a personal loan application denial in South Dakota, but this doesn't halt your borrowing journey. Understanding the next steps can help you navigate this setback. Here are some measures to enhance your chances of approval for future applications.

Find out the reason for the denial

Lenders may deny your loan application for various reasons, such as a poor credit score, a high debt-to-income ratio, insufficient income or mistakes in your application. It's recommended you review the reasons for the denial to identify areas for improvement and to prevent future rejections.

Modify your loan terms

You may consult your lender about changing the loan amount or the repayment terms to fit their lending criteria and increase the chances of getting your loan application approved.

Find another lender

Different lenders have their own set of criteria for approving loans. Shopping around and comparing lenders is a strategic move to find the best option suited to your needs and credit history. Here are some factors to consider:

  • Eligibility requirements: Lenders vary in their requirements for credit score, income levels, debt-to-income ratio and employment history. It is beneficial to be informed about these criteria.
  • Interest rates: Searching for lenders with competitive rates can be more economical, especially for those with less-than-perfect credit.
  • Additional fees: Check for lenders that charge fees such as origination, late and prepayment fees, as opposed to those that do not, which could influence the total loan cost.
  • Loan terms: Different lenders offer varying repayment terms with distinctions between short and long terms affecting repayments.
  • Customer service and reputation: Quality customer service and a positive reputation are significant when selecting a lender for a personal loan.
Look for alternatives

If personal loans are not an option due to bad credit, there are alternatives like credit builder loans, secured loans or borrowing from friends and family. Exploring these options is advisable as they might align better with your financial situation.

Improve your credit score

Enhancing your credit score can increase the likelihood of loan approval in the future. Some methods for improving your credit score include paying bills on time, reducing outstanding debt and checking credit reports for inaccuracies.

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Work on improving your credit score before applying for a personal loan to increase your chances of approval and getting better terms. Here are some long-term steps to consider:

  • Monitor your credit utilization ratio: Keep your credit utilization ratio low, as high credit utilization can negatively impact your credit score. Aim to use less than 30% of your available credit limit.
  • Don’t close old credit cards: The length of your credit history contributes to your credit score. Even if you no longer use a credit card, keep it open unless it has an annual fee.

Alvin Yam, CFP

FAQ About Bad Credit Loans in South Dakota

When shopping for personal loans in South Dakota, it's common for borrowers, especially those with bad credit, to have questions or concerns. We compiled answers to frequently asked questions to assist in this process, offering clarity and guidance to help you make well-informed decisions.

Who is the best personal loan lender for bad credit in South Dakota?
Which lender in South Dakota has the lowest APR rates for personal loans?
Which lender in South Dakota has the lowest minimum credit score requirement for personal loans?
How long does it take to get a bad credit loan in South Dakota?
Can I pay off my personal loan early in South Dakota?
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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.