South Dakota Fringe Banking

Payday Loans	Check Cashing	Title Loans	Pawnbroking
How Many? There are at least 95 businesses offering one or more alternative financial service (payday or title loan, or check cashing), according to one state official. Of the number, at least 40 offer payday loans.	How Many? There are at least 95 businesses offering one or more alternative financial service. Of this number, at least 23 offer check cashing.	How Many? There are at least 95 businesses offering one or more alternative financial service. Of this number, at least 45 offer title loans.	How Many? 55, according to a national business-to-business marketing group.
Licensing: Department of Commerce and Regulation	Licensing: Department of Commerce and Regulation	Licensing: Department of Commerce and Regulation	Licensing: Municipalities
Fee caps: No interest rate caps; all agreements must be in writing and agreed to by both parties.	Fee caps: Unregulated	Fee caps: No interest rate caps; all agreements must be in writing and agreed to by both parties.	Fee caps: No interest rate caps; all agreements must be in writing and agreed to by both parties.

Sources: South Dakota Department of Commerce and Regulation;
American Business Lists

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