What is the best personal loan lender in South Dakota?

The best personal loan lender in South Dakota is LightStream. However, the best option for you can vary based on your unique loan needs and borrower profile.

Which lender in South Dakota has the lowest interest rate?

Upstart has the lowest interest rate in South Dakota. Its interest rate starts as low as 3.22%.

Can I use a personal loan for vacations in South Dakota?

Yes, you can use a personal loan for vacations in South Dakota. However, some lenders have restrictions on their personal loans. Check with your lender to ensure that a vacation isn’t one of their fund usage restrictions.

Can I use a personal loan for home improvement in South Dakota?

Yes. The best personal loan company for home improvement in South Dakota is Best Egg. Its loan amount range is $2,000 to $50,000.

What can I not use my personal loan for in South Dakota?

Some lenders have restrictions on their personal loans. These restrictions include illegal activities, funding college and further studies, paying off student loans or refinancing existing loans from the same lender. Talk to your lender to find out what restrictions they have, if any.

How much can I borrow in South Dakota?

This varies based on the lender. Some personal loan companies will let you borrow as little as $600, while other companies will let you borrow as much as $100,000.

How long does it take to get a personal loan in South Dakota?

It varies based on the lender. You can get a loan on the same day or up to one week after the application approval.

Can I pay off my loan early in South Dakota?

Yes. Some lenders allow you to pay off loans early without fees. Check with your lender to see what their terms are for early repayment.

Top Lenders & Best Picks for You

Best Personal Loans in South Dakota

LightStream offers the best personal loans in South Dakota. Loans originated by this lender feature no fees and funds may be disbursed on the same day that you’re approved.

We also found that SoFi has the best loans for those with good credit, while Upstart is the best option for those with bad credit. Upgrade has the best debt consolidation loans, and Best Egg has the best home improvement loans.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in South Dakota
The Best Personal Loan Lender for Bad Credit in South Dakota
The Best Personal Loan Lender for Good Credit in South Dakota
The Best Personal Loan Lender for Debt Consolidation in South Dakota
The Best Personal Loan Lender for Home Improvements in South Dakota
How to Choose the Right Personal Loan for You
What to Do if You Can’t Get a Debt Consolidation Loan in South Dakota
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in South Dakota

MoneyGeek’s Best Personal Loan Lender in South Dakota: LightStream

MoneyGeek considered more than 30 data points when choosing the best personal loan lenders in South Dakota. To help you find the best personal loans to fit your needs, we compared and analyzed various lenders according to their BBB rating, loan amount ranges, fees, accessibility and more. We also analyzed their eligibility requirements.

The best personal loan company for you depends on your unique needs, and we’ve found the top lenders matching different borrower profiles.

Best Overall Personal Loan Lender in South Dakota: LightStream

LightStream
- 4.49% to 20.49%APR Range
- 660Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 24 to 84 monthsRepayment Terms
- Same DayTime to Receive Funds
MoneyGeek selected LightStream as the best personal loan lender overall in South Dakota because of the absence of fees and quick funding. LightStream does not impose a prepayment penalty, origination fee or late fee. Your loan could be approved on the same day.
LightStream loans are ideal for people who are looking for quick funding without the burden of fees. On the other hand, if you’re looking for a loan to fund your studies, refinance an existing loan or use it for business, LightStream may not be for you.
A part of Truist Bank, LightStream is an online consumer lender established in 2013. It is committed to giving customers a fast and convenient way to access loans while also offering excellent rates.
Pros
A+ BBB rating
0.5% autopay discount
No origination fees
Doesn’t charge prepayment fees
No late fees
Same-day funding available

Cons
Conducts hard credit inquiry
Restrictions on fund usage
Does not accept people with new or no credit
APR Range: 4.49%–20.49%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 660
Repayment terms: 24–84 months
Time to receive funds: Same day

Best Personal Loan Lender for Bad Credit in South Dakota: Upstart

Upstart
- 3.22% to 35.99%APR Range
- 300Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
Upstart is an artificial intelligence (AI) lending platform that has been offering affordable loans since 2012. It uses unique models to minimize the risks and costs of lending. Because of this, Upstart is our choice as the best personal loan lender for bad credit.
The minimum credit requirement for an Upstart personal loan is 300, making those with low credit scores eligible. Additionally, the gross minimum income requirement is $12,000. Upstart also charges a late fee of 5% of the past due amount or $15, depending on which one is greater.
This lender is best for people who have a low credit score and are looking to take out a smaller loan. Those who need larger amounts could benefit from other lenders. Upstart also has a limit of 45% debt-to-income ratio, so it’s best to consider this restriction before applying for a loan.
Pros
A+ BBB rating
Low credit score requirement
Conducts a soft inquiry
No prepayment penalty
Quick access to funds

Cons
Low loan amount limits
Debt-to-income limit is 45% or less
No mobile app
APR range: 3.22%–35.99%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 300
Repayment terms: 36–60 months
Time to receive funds: Next day

Best Personal Loan Lender for Good Credit in South Dakota: SoFi

SoFi
- 5.74% to 20.28%APR Range
- 680Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
- Two DaysTime to Receive Funds
SoFi is MoneyGeek’s top choice for a personal loan in South Dakota for those with good credit. It offers huge loan amounts with no fees. Applicants can take a loan of as much as $100,000 with a minimum interest rate of 5.74%. SoFi also includes unemployment protection in case the borrower loses their job while repaying the loan.
This personal loan company is great for people with good credit and a decent income. The minimum credit requirement is 680, and applicants should have a minimum gross income of $50,000.
SoFi was established in 2011. It currently has 3.5 million members and more than $50 billion in funded loans.
Pros
A+ BBB rating
0.25% autopay discount
No prepayment penalty
Doesn’t charge late fees
Includes unemployment protection

Cons
Minimum gross income requirement of $50,000
Doesn’t allow co-signers
680 minimum credit score required
APR range: 5.74%–20.28%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 680
Repayment terms: 12–60 months
Time to receive funds: Two days

Best Loan Lender for Debt Consolidation in South Dakota: Upgrade

Upgrade
- 5.94% to 35.47%APR Range
- 560Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Same DayTime to Receive Funds
Using a personal loan to pay off other debts has its advantages. You could benefit from lower interest rates, boost your credit score and simplify monthly payments. Upgrade offers unique terms for personal loans for debt consolidation.
Before taking out a loan for debt consolidation, it’s best to consider the fees. In this case, Upgrade does not have a prepayment penalty, but it imposes late fees. It also does not accept applicants with new or no credit.
Upgrade was launched in 2017, but it already had 15 million applicants in the course of four years. Offering flexible and affordable loans, Upgrade is the best choice for people who are building their credit and hoping to streamline their debt payments.
Pros
A+ BBB rating
1% autopay discount
Conducts soft inquiry that will not affect credit score
No minimum gross income requirement
Low minimum credit required

Cons
Does not accept people with new or no credit
Has late fees
Doesn’t allow co-signers
APR range: 5.94%–35.47%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 560
Repayment terms: 36–60 months
Time to receive funds: Same day

Best Loan Lender for Home Improvement in South Dakota: Best Egg

Best Egg
- 4.99% to 35.99%APR Range
- 700Minimum Credit Score
- $2,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
If you’re concerned about your budget for home improvement, Best Egg may work well for you. Applicants can borrow loans ranging from $2,000 to $50,000 with a minimum APR of 4.99%. Its terms range from three to five years. If you want to pay off your loan before the term ends, you can do so without any prepayment fees.
A home improvement loan from Best Egg is accessible for applicants with a credit score of 700 and a minimum gross income of $50,000. It also doesn’t have debt-to-income ratio limits.
Best Egg began in 2014, a year after its parent company, Marlette Funded, was founded. Since then, they have funded over one million loans.
Pros
A+ BBB rating
Fast loan release
No prepayment penalty
Conducts soft inquiry
0.5% autopay discount

Cons
High minimum credit score
Does not accept people with new or no credit
Minimum gross income requirement of $50,000
APR range: 4.99%–35.99%
Minimum/maximum loan amount: $2,000–$50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day

How to Choose the Best Personal Loan Lender in South Dakota for You

Overall, the average loan debt in South Dakota is $15,272, but amounts can vary depending on the purpose of your loan and your unique financial situation. It’s important to consider several factors, such as income, credit, existing debts and employment, before taking out a loan since these are essential to your application. In looking for the best personal loans in South Dakota, consider following the steps below.

Ask Yourself the Important Questions

You need to think about your current financial situation and your needs before taking out a loan. The following are questions you need to ask yourself:

How much funding do you need? - Choose a lender that offers loans in the amount you need.
What is your credit score? - Knowing your credit score can ensure you apply with a lender that will accept your credit score.
Can you afford the monthly payment? - If you can’t afford the monthly payment on a loan, it’s best not to take out a loan. Otherwise, you’ll end up in debt and hurt your credit score.
How much debt do you already have? - Consider how a new loan will impact your debt-to-income ratio and ensure it won’t be too much for you to handle.

Do Your Research

MoneyGeek is committed to giving you the information that you may need throughout the loan shopping process. However, there might be instances when our recommendations may not be the best fit for you. Conducting further research on your own allows you to see and compare the features of more loans that may be available to you.

A personal loan is a commitment since you will have to pay your monthly bill for the next two to four years. You will also need to undergo credit checks, which can impact your score. It’s always better to be prepared with information so you know if you will qualify and you aren’t caught off-guard by fees.

Wait

Getting a personal loan is an important financial decision that comes with a huge commitment. Therefore, you need to be as considerate as possible. Once you have found a loan that suits your needs, consider waiting a day or two before finalizing your decision. This way, you can assure yourself that you have properly evaluated this idea and that you haven’t overlooked other options to meet your funding needs.

Read the Fine Print

After settling on a loan, look a little deeper at the details. Go over the terms, conditions, rates and other features one by one. Sometimes, the most appealing features of a loan have major caveats and guidelines. Be sure to check the fees, such as prepayment penalties, early payment fees, origination fees, late fees and more. This in-depth research could save you a lot of time and money in the long run.

Apply

If you have all the information you need about the lender of your choice, it’s time to apply. Be patient with this process, especially because it requires a lot of documentation. It’s normal for lenders to require identification, address verification and proof of income. Check the available methods to apply with your lender. Some offer online, in-person or over-the-phone applications, but others don’t have all these options available. Additionally, if you can apply in person, this can be ideal since you can get any additional questions you have answered.

What to Do if You Can’t Get a Personal Loan in South Dakota

Knowing the minimum requirements of a lender gives you a bit more assurance that your loan application will be approved. However, if you were denied a loan, it’s alright. This happens to a lot of applicants.

Lenders usually decline personal loan applications due to insufficient income, low credit scores and unstable employment. Reaching out to the lender can help you determine the exact reason why you were denied. You can also ask them if there are any ways they can reconsider your application. This process may involve shortening the loan terms, decreasing the amount of the loan or reviewing important details of your application.

Another option is to find a different lender with eligibility requirements that could better accommodate your profile. However, this should be avoided unless you have worked on the reason the previous lender has denied your loan.

Be wary of payday loans. These are loans that have high interest rates and base their principal on a chunk of your next paycheck. While you can quickly access these types of loans, you might have to pay extremely high interest rates and deal with short repayment periods.

Frequently Asked Questions About Personal Loans in South Dakota

It’s important to do your research before applying for a personal loan in South Dakota. The following are some of the most common questions residents have about taking out a personal loan in the state.

METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are decided and chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

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.