Best Low-Income Loans in South Dakota: Top Lenders and Rates for 2024

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Edited byScott Strandberg

Updated: December 28, 2023

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Best Low-Income Loan Lenders in South Dakota

To determine the best low-income loans in South Dakota, MoneyGeek used more than 30 data points to analyze lenders. We ranked the best lenders based on factors like minimum requirements, loan limits, APR ranges, repayment terms and customer satisfaction ratings. MoneyGeek also considered different borrower profiles to identify the best lenders for varying backgrounds, such as borrowers with good credit and those with bad credit.

Upgrade emerged as the top lender for the typical low-income borrower in South Dakota. However, factors like your credit score will also be important when identifying the best lender for your needs.

Best Overall Low-Income Loan in South Dakota: Upgrade


Runner-Up for Best Low-Income Loan in South Dakota: LendingClub


Best Low-Income Loan for Bad Credit in South Dakota: Upstart


Best Low-Income Loan for Good Credit in South Dakota: Prosper


How to Choose the Best Low-Income Loan in South Dakota for You

If you need a low-income loan in South Dakota, you are not alone. The average personal loan debt in the state is $15,272. People borrow for various reasons, including funding large purchases, debt consolidation, emergency expenses and more. However, before taking out a loan, it is best to identify the right lender for you based on factors like your credit score, debt-to-income ratio and more.

To help you find the best low-income loans in South Dakota, MoneyGeek recommends following these steps:


Ask Yourself the Important Questions

Before taking out a loan, keep in mind that loan limits, APR rates and repayment terms can vary from lender to lender and based on your financial profile. It's important to first figure out how much you need, what your credit score is and how well you’re managing your current debt.

Once you have this information, you can use it to determine which lender is most likely to approve you by comparing your profile with their minimum requirements. Start by asking yourself the following:

  • How much funding do you need?
  • What’s your credit score?
  • Can you afford the monthly payments?
  • Do you have existing debts?
  • Is your debt manageable through other means?

Do Your Research

MoneyGeek’s top picks can guide you in finding the right lender for your needs, but it is important to also do some research based on your profile. Compare APRs, loan limits and other rates to identify the most affordable low-income loans available for your profile. This will ensure that you pick the lender with the most favorable terms for your specific needs.



A low-income loan will affect your finances long-term, so it is best to ensure that you do not get one on impulse. This is why it is important to wait a day or two before submitting your application. This will give you time to weigh all your options and ensure that you are ready for the commitment that comes with repaying a loan.


Read the Fine Print

It’s common for borrowers to find themselves facing charges they were not aware of after signing up for a loan. This happens if you do not read the fine print and understand the full terms of your loan. Always make a point of reading the fine print to ensure that you are aware of charges, such as origination fees, prepayment penalties, late fees and any other charges you may incur.



Once you are confident that a personal loan is the best option for you and have identified a suitable lender, you can proceed to apply for the loan. Most lenders will require personal identification and financial statements, so gather your documents before applying. In most cases, you will be able to submit your application online, but some lenders also have options for in-person applications.

What to Do if You Can’t Get a Low-Income Loan in South Dakota

If your application for a low-income loan was declined, do not fret. Lenders may decline loan applications for various reasons, but this does not mean that you will never be able to get a loan. Some of the factors that may get you declined include not meeting the lender's credit score or debt-to-income threshold.

Find out from the lender the specific reason your application was unsuccessful. This information will help you figure out what your next step should be. If you were declined for having a low credit score, you can always improve your creditworthiness over time.

You may also find that other lenders have more lenient minimum requirements, but before re-applying, it is best to first work on the factors that caused you to be declined.

It may be tempting to go for a payday loan, but MoneyGeek strongly advises against it. These types of loans typically have extremely high interest rates and short repayment periods that can make them unmanageable.

Calculate Your Monthly Payment

Personal loans are usually paid back monthly over extended periods. This means it’s important to calculate your monthly payments beforehand to ensure that you can afford them. You can use MoneyGeek’s personal loan calculator to estimate your monthly payments for better planning.


FAQs About Low-Income Loans in South Dakota

When choosing the best low-income loans in South Dakota, keep in mind that factors like your credit score and other financial factors will determine who is the best lender for you. You can learn more about low-income loans from the answers to commonly asked questions below.

Upgrade offers the best low-income loans for the average borrower in South Dakota. However, for borrowers with bad credit, Upstart is a great option, while Prosper is best if you have good credit.

Upstart has the lowest possible APR for well-qualified borrowers.

Gambling, investments and college education expenses are some of the restrictions placed by most lenders on low-income loans in South Dakota. However, restrictions vary depending on the lender.

You can consolidate debt ranging from $1,000 to $50,000 in South Dakota. That said, loan limits will vary depending on the lender and your borrower profile.

It takes about one business day to get a low-income loan in South Dakota from many lenders. However, funding times may vary depending on the lender and could take up to a week.

Yes, you can pay off your loan early in South Dakota. Most lenders do not charge prepayment penalties but always check with your preferred lender since terms can vary.


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MoneyGeek used 30+ data points to review more than 30 personal loan lenders in South Dakota. We ranked lenders based on six key categories, including loan affordability, customer service, accessibility, consumer friendliness, transparency and flexibility.

Within each ranking category, MoneyGeek considered various data points that we feel matter most when a consumer is looking for a personal loan. The factors that we included in our analysis were interest rates, loan limits, minimum requirements for credit score and income, application fees and funding timelines.

Because we value you, the consumer, our analysis also factors in each lender’s customer support, business ratings and additional features that improve the user experience, such as prequalification features, payment options and availability of tools like mobile apps.

MoneyGeek’s recommendations help you make the right decision when looking for the best lender for low-income loans. Our top picks are chosen after careful consideration and calculation with your best interests in mind.

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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.