Rapid City SD
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South Dakota Lenders > Rapid City

This page was last updated September 2018

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Fair Credit Lenders in Rapid City SD

Lenders: contact us for listing removal.

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Black Hills Federal Credit Union
725 E North St Rapid City
SD 57701 / www.bhfcu.com
605.718.1818

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Dacotah Federal Credit Union
2990 SD/44, Rapid City
SD 57703 / www.dacotahfcu.com
605.791.1424

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Med 5 Federal Credit Union
2300 W Main Street, Rapid City
SD 57702 / www.med5fcu.org
605.342.7776

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Highmark Federal Credit Union
725 5th Street, Rapid City
SD 57701 / www.highmarkfcu.com
605.716.4444

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Sentinel Federal Credit Union
1430 Haines Avenue #101, Rapid City
SD 57701 / www.sentinelfcu.org
605.923.1405

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Dakota Star Federal Credit Union
3122 W St Louis Street, Rapid City
SD 57702 / www.dakotastar.org
605.342.6442

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Minuteman Community FCU
301 E North Street, Rapid City
SD 57701 / www.minutemanfcu.org
605.394.1772

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Dacotah Bank
125 Main Street, Rapid City
SD 57701 / www.dacotahbank.com
605.394.9000

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Pioneer Bank & Trust
2001 W Omaha Street, Rapid City
SD 57702 / 605.341.2265
www.pioneerbankandtrust.com

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First Interstate Bank
333 W Blvd Ste 100
Rapid City, SD 57701
locations.firstinterstatebank.com
605.348.3322

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Bad Credit Loans in Rapid City SD

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Rapid City SD Lender Area Map

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Rapid City SD Loan App Volume

Top 5 Rapid City neighborhood loan app volume

  1. Colonial Pine Hills
  2. Old Folsom Road/Lamb Road
  3. Route 16/Skyline Drive
  4. Rapid Valley
  5. 5th Street/Saint Patrick Street

Mount Rushmore Memorial (near Rapid City): Licensing/Credits

Rapid City Bad Credit Consolidation

Duncan and his wife are splitting after being married for over 30 years. They are dividing all of their assets and possessions.

Duncan wants to keep the house and his wife who has already moved out is living in another apartment in the same town.

It has been an amicable divorce and they have been able to work everything out satisfactorily as long as they can get the financial details resolved.

He needs to have a consolidation loan of $70000 which will be used to pay his share of what he owes to his wife and also absorb a small amount of credit card debt that he owes.

Now that he has a clear picture of what he is dealing with he has applied for this loan to help complete the arrangements for the divorce settlement.

He really does not want have to take out a loan of this size late in life, but he really wants to stay in his current home.

The alternative would have been to sell the home and split the proceeds with his ex-wife. He would have had to move to another location, buy furniture and pay for a move etc. this way he can stay in the home he loves and be comfortable.

A $70000 loan with an eight-year term and 5.549% interest rate for Duncan would cost him the following per month:

Loan Amount (principal) = $70000
Interest Rate = 5.549%
Term Length = 8 year
Monthly Payment = $904.61
Total Paid Back = $86842.09
Total Interest = $16842.09

Before Duncan could be approved for the loan the house had to be appraised.

Even though the home had already been appraised for the purpose of determining its value for the divorce settlement, the lender wanted a separate appraisal before they would approve the loan.

The two appraisals were quite close and actually supported each other in terms of the value of the home.

Duncan had to actually purchase his ex-wife's share of the home, which meant legal fees and registration fees to register the title to the property along with registration of a new mortgage loan on the property.

He had to use some of his $70k loan to pay for these additional fees.

As part of the settlement, his ex-wife also took some of the furniture, the dishes and bedding. Duncan had to purchase much of this material using his credit cards.

He is having some difficulty in repaying the full balances on each of the cards by the statement due date. These debts will also be part of the consolidation loan.

Duncan was fortunate to have sufficient equity in the home to have this loan secured by the home. He was able to qualify for a lower interest rate and term.

He could have gone with a longer term, as much as 25 years if he had wanted to, however by choosing 8 years, he will have the loan fully paid for by the time he retires.

This divorce cost him a great deal of money, however he figures he will be ok by his retirement age.

If you're living in Rapid City like Duncan, and need a loan regardless of your credit rating, we may be able to help you find a willing lender.

Sincerely,

Chris Somerset

Chris Somerset is a writer for the WFL Project.

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Upgrades Nearest Rapid City SD

Job/Income Upgrades: Indeed / Snag-A-Job

Education Upgrades: College / University

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Rapid City Credit Counseling

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Counselors contact us for listing removal or info change.

Pioneer Credit Counseling
1644 Concourse Dr Rapid City
SD 57703 / www.pioneercredit.com
605.348.1608

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Consumer Credit Counseling
2310 N Maple Avenue, Rapid City
SD 57701 / www.cccsbh.com
605.348.4550

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Rapid City Assistance Programs

Food Bank: Feeding South Dakota / Address: 1111 North Creek Drive, Rapid City, SD 57703 / Phone: 605.348.2689

Hot/Cold Meals: Cornerstone Volunteer Department / Address: 401 11th Street, Rapid City, SD 57701 / Phone: 605.718.8712

Shelter In Case of Eviction: Friendship House / Address: 703 Adams Street, Rapid City, SD 57701 / Phone: 605.716.2865

Social Assistance Programs: Pennington County Welfare Services / Address: 725 North Lacrosse Street #200, Rapid City, SD 57701 / Phone: 605.394.2156

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Usury Law Governing Rapid City SD

Summary of South Dakota Usury Law(s) / Legal: 12% / Contract: Any rate unless specifically limited by code / Judgment: 10% / Corporate: Any rate unless limited by code (read more on South Dakota lending laws)

Complaint process for Rapid City residents:

South Dakota Department of Banks / South Dakota Complaint Process / South Dakota Complaint Form (PDF)

Physical Address: South Dakota Department of Labor and Regulation Division of Banking / 1601 North Harrison Avenue, Suite #1, Pierre, SD / Phone: 605.5773.3421 Fax: 866.326.7504

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WFL Loan Products

Rapid City residents who require a fresh start with a bad credit loan to rebuild credit learn more here. Or, perhaps your score is just fair - you can learn more here. If you're in debt way over your head, you can learn about our debt consolidation solutions here.

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