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South Dakota Lenders > Sioux Falls

This page was last updated September 2018

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Fair Credit Lenders in Sioux Falls SD

Lenders: contact us for listing removal.

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Sioux Falls Federal Credit Union
3405 S Cliff Avenue Sioux Falls
SD 57105 / www.siouxfallsfcu.org
605.334.2471

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Service First Federal Credit Union
3901 E 10th Street, Sioux Falls
SD 57103 / www.servicefirstfcu.org
605.336.1047

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Voyage Federal Credit Union
3823 S Kiwanis Cir, Sioux Falls
SD 57105 / voyagefcu.org
605.338.2533

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First Century Federal CU
1512 E Benson Road, Sioux Falls
SD 57104 / firstcfcu.com
605.335.1070

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Sioux Empire Federal CU
901 North West Avenue, Sioux Falls
SD 57104 / www.siouxempirefcu.org
605.367.7070

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Black Hills Federal Credit Union
1901 W 41st Street, Sioux Falls
SD 57105 / www.bhfcu.com
605.718.1818

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First Dakota National Bank
6100 E Silver Maple Cir, Sioux Falls
SD 57110 / www.firstdakota.com
605.333.8282

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Dacotah Bank
3302 E 10th Street, Sioux Falls
SD 57103 / www.dacotahbank.com
605.336.7700

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Plains Commerce Bank
1411 E 10th Street, Sioux Falls
SD 57103 / plainscommerce.com
605.275.2467

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Great Western Bank
5100 W 26th St Sioux Falls
SD 57106 / www.greatwesternbank.com
605.370.6535

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Bad Credit Loans in Sioux Falls SD

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Sioux Falls SD Lender Area Map

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Sioux Falls SD Loan App Volume

Top 5 Sioux Falls neighborhood loan app volume

  1. Western Mall
  2. Mystic Meadows
  3. Northeast Sioux Falls
  4. Elmwood Golf Course
  5. All Saints Historic District

State Theater Sioux Falls SD: Licensing/Credits

Sioux Falls Bad Credit Consolidation

James needs to consolidate his loans and his credit card debt. He has three credit cards each with a $2000 limit.

They are all at their maximum and he is currently paying interest on the unpaid balance.

One is a regular credit card and charges 19% interest which is very high. If that was not bad enough, he has two other credit cards that are from department stores that he and his wife shop at on a regular basis.

The interest rate that store credit cards charge interest at is typically 29% which is extremely high. He is paying the minimum amount each month, but is barely making a dent in the balance.

Most of his payment is going towards paying interest charges only and very little of the balance. If he does not do something soon he will be still paying these credit card bills for many more years and that is assuming that he does not charge anything more to any of these credit card accounts.

James and his wife would like to consolidate these credit accounts. Once he has a loan to repay all of the credit card balances, he intends to lock the store credit cards away and not use them.

When he needs to he will still use the regular credit card and only charge things when he knows he has enough money to pay the balance in full at the end of the month.

This is a good plan and one that really all consumers should consider. In practice many find it difficult to actually do.
They also have another small loan from a previous consolidation.

It comes to almost $4000 and combined with the credit card balances, he would like to borrow a total of $10,000 at a lower interest rate and pay one monthly payment each month.

He is hoping to obtain a five-year loan with the option of repaying the loan off more quickly if he has extra money available.

A $10,000 loan with a five-year term and 8% interest rate for James would cost him the following per month:

Loan Amount (principal) = $10000
Interest Rate = 8%
Term Length = 5 year
Monthly Payment = $202.76
Total Paid Back = $12165.84
Total Interest = $2165.84

Both James and his wife have also learned a lesson from their past consolidation loan. It is very easy to consolidate debt from credit cards and then quickly fall into the credit trap once again.

They had paid off their credit card accounts in full and then after a few years found themselves right back where they started, carrying a large credit card balance and paying high interest rates.

They have both vowed to not let this happen a third time!
They were approved for their $10k consolidation loan without any problems.

Their credit scores were find and they have no reports of missed payments. Their income is sufficient and they met all of the other requirements of the lenders.

Now they have only one low monthly payment and they are paying a great deal less interest than they were paying when they were running with a credit card balance.

They have also placed their store based credit cards in a safe location and one that is not easily accessed.

They do not want to be tempted and yet, if they need them for some reason they are still available to use.

They will probably forget all about them in a short time and will not even think about using them.

With these credit cards still active, their credit utilization will be low and contribute positively to their credit scores.

Repayment of this loan will also help them maintain their credit rating in case they need future loans of any kind.

If you're living in Sioux Falls like James, 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 Sioux Falls SD

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

Education Upgrades: College / University

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Sioux Falls Credit Counseling

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Counselors contact us for listing removal or info change.

Consumer Credit Counseling Services
705 E 41st Street #100 Sioux Falls
SD 57105 / www.lsssd.org
605.330.2700

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Fix My Credit
2516 S Norton Avenue, Sioux Falls
SD 57105 / 605.202.2251

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Sioux Falls Assistance Programs

Food Bank: Feeding South Dakota / Address: 4701 North Westport Avenue, Sioux Falls, SD 57107 / Phone: 605.335.0364

Hot/Cold Meals: The Banquet / Address: 900 East 8th Street, Sioux Falls, SD 57103 / Phone: 605.335.7066

Shelter In Case of Eviction: Saint Francis House / Address: 1301 East Austin Street, Sioux Falls, SD 57103 / Phone: 605.334.3879

Social Assistance Programs: Social Services Department / Address: 811 East 10th Street, Sioux Falls, SD 57103 / Phone: 605.367.5444

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Usury Law Governing Sioux Falls 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 Sioux Falls 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

Sioux Falls 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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