Compare legal limits, fees and the true cost of small loans in your state before you talk to any lender. Compare legal limits, fees and the true cost of small loans in your state.
Credit Unions vs Payday Loans in South Dakota
33 credit unions are headquartered in South Dakota, with 351,919 members in total. 33 are federal credit unions and 0 are state-chartered; all are federally insured by the NCUA.
- Credit unions
- 33
- Members
- 351,919
- Federal
- 33
- State-chartered
- 0
- Members per 100 people
- 39
- CUs per 100k people
- 3.7
Credit unions vs payday loan stores in South Dakota
South Dakota has 33 credit unions headquartered here and 3 payday, installment and title loan stores. Local credit unions count 351,919 members — roughly 39 memberships per 100 residents.
Credit unions
33
3.7 per 100k residents
351,919 members
Payday & loan stores
3
0.3 per 100k residents
1 store chain
Biggest loan store chains in South Dakota: OneMain Financial (3).
Borrowing $500 for 6 months in South Dakota
| Option | Payment | Total cost of borrowing |
|---|---|---|
| Installment loan at the South Dakota rate cap (36% APR) | $92.30/mo | $53.79 |
| Credit union PAL (28% APR) | $90.27/mo | $41.62 |
| Payday loan renewed every 2 weeks (typical $15 per $100, not available in South Dakota) | $75.00 every 2 weeks | $975.00 |
- Monthly payment at the South Dakota rate cap vs median monthly household income
- 1.5%
Example calculation with fixed monthly payments; the payday row shows typical out-of-state pricing for comparison. Actual rates and terms vary by lender.
What it means for a household in South Dakota
- Median household income
- $73,056
- A $400 emergency equals
- 2.0 days of income
- Households earning under $25,000
- 14.9%
- Residents below the poverty line
- 12.0%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for South Dakota are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in South Dakota
| Payday loan in SD | Credit union PAL | |
|---|---|---|
| Legal status | Not allowed — storefront payday loans are banned | Offered by many federal credit unions |
| Rate cap | Capped at 36% APR (2016 Ballot) | Up to 28% |
| Term | Usually 2–4 weeks, due in one payment | 1 to 12 months, in installments |
| Credit check | Usually none; a bank account and income are required | Membership required; payments can be reported to credit bureaus |
Payday rules: South Dakota law as summarized on our South Dakota payday page. PAL rules: National Credit Union Administration (NCUA) rules for federal credit unions (PAL I and PAL II); state-chartered credit unions may offer similar small loans.
Credit unions by city in South Dakota
Credit unions are headquartered in 18 cities and towns across South Dakota. Pick a city for addresses and websites, or scroll down for the smaller towns.
All credit unions in South Dakota
| Credit union | Headquarters | Members | Website |
|---|---|---|---|
| Black Hills Federal Credit UnionFederal | Rapid City | 108,871 | bhfcu.com |
| Dakotaland Federal Credit UnionFederal | Huron | 42,263 | dakotalandfcu.com |
| Levo Federal Credit UnionFederal | Sioux Falls | 37,283 | levo.org |
| Voyage Federal Credit UnionFederal | Sioux Falls | 19,670 | voyagefcu.org |
| Service First Federal Credit UnionFederal | Sioux Falls | 16,466 | servicefirstfcu.org |
| Highmark Federal Credit UnionFederal | Rapid City | 13,724 | highmarkfcu.com |
| Northern Hills Federal Credit UnionFederal | Sturgis | 12,667 | northernhillsfcu.org |
| Area Federal Credit UnionFederal | Aberdeen | 11,751 | areafcu.org |
| Bluestone Federal Credit UnionFederal | Sioux Falls | 11,714 | bluestonefcu.org |
| Sentinel Federal Credit UnionFederal | Box Elder | 9,857 | sentinelfcu.org |
| Explorers Federal Credit UnionFederal | Yankton | 9,040 | explorerscu.com |
| Aspen Federal Credit UnionFederal | Rapid City | 8,383 | aspenfcu.com |
| Healthcare Plus Federal Credit UnionFederal | Aberdeen | 5,041 | hcpfcu.coop |
| Dakota Plains Federal Credit UnionFederal | Lemmon | 4,900 | mydpcu.com |
| Lakota Federal Credit UnionFederal | Kyle | 4,125 | lakotafcu.org |
| Oahe Federal Credit UnionFederal | Pierre | 3,565 | oahefcu.coop |
| Ft Randall Federal Credit UnionFederal | Wagner | 3,418 | ftrandallfcu.com |
| Sioux Valley Coop Federal Credit UnionFederal | Watertown | 3,378 | svcfcu.com |
| East River Federal Credit UnionFederal | Madison | 3,128 | eastriverfcu.com |
| Dakota Star Federal Credit UnionFederal | Rapid City | 3,016 | dakotastar.org |
| Avanti Federal Credit UnionFederal | Watertown | 2,963 | avantifcu.net |
| Norstar Federal Credit UnionFederal | Britton | 2,810 | norstarfcu.com |
| Coteau Valley Federal Credit UnionFederal | Sisseton | 2,216 | coteauvalleyfcu.com |
| M O Federal Credit UnionFederal | Huron | 1,759 | m-ofcu.com |
| Consumer's Federal Credit UnionFederal | Gregory | 1,613 | consumersfcu.coop |
| Palace City Federal Credit UnionFederal | Mitchell | 1,562 | — |
| Rushmore Electric Federal Credit UnionFederal | Rapid City | 1,423 | refcu.coop |
| Sisseton-Wahpeton Federal Credit UnionFederal | Agency Village | 1,188 | sisseton-wahpetonfcu.com |
| Minuteman Federal Credit UnionFederal | Rapid City | 1,163 | minutemanfcu.org |
| Huron Area Education Federal Credit UnionFederal | Huron | 854 | huronareaeducationfcu.com |
| Dacotah Federal Credit UnionFederal | Rapid City | 828 | dacotahfcu.com |
| Hb Telco Federal Credit UnionFederal | Huron | 788 | hbtelcofcu.com |
| Dakota Rail Line Federal Credit UnionFederal | Huron | 492 | — |
Credit unions in smaller towns of South Dakota
Other cities and towns in South Dakota where credit unions are headquartered, and how many there are in each.
- Aberdeen 2
- Agency Village 1
- Box Elder 1
- Britton 1
- Gregory 1
- Huron 5
- Kyle 1
- Lemmon 1
- Madison 1
- Mitchell 1
- Pierre 1
- Sisseton 1
- Sturgis 1
- Wagner 1
- Watertown 2
- Yankton 1
Credit unions are listed in the city of their headquarters; many have branches in other cities and accept members from across the state or the country, so members per 100 people is an approximation.