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University of Wisconsin–Madison
Poverty-related issues in the news, from the Institute for Research on Poverty

Payday Lending – South Dakota

Payday loans could cease in South Dakota, By David Montgomery, December 14, 2014, Argus Leader: “An unexpected coalition is backing a campaign to ban payday lending in South Dakota, prompting the industry to warn of far-reaching consequences if it succeeds. Payday loans and an array of similar businesses — ‘signature loans,’ ‘title loans’ and others — target small-dollar loans at people with poor credit and savings. Supporters say they help low-income people borrow much-needed money, but an array of critics say the fees are far too high and trap borrowers in a spiral of debt…”