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South Dakota Capitol Building
South Dakota Capitol Building
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November 20, 2016

Election Results Could Drive Payday Loan Lenders Out Of Business

Amendment U, which would limit payday loans at 18% unless otherwise agreed upon in writing, was voted down on November 8, 2016, while Measure 21, which caps payday lending loans at 36% interest, was passed. According to a Rapid City Journal article, the owner of a Rapid City payday lending store has spoken out, saying the new laws may drive payday lending stores out of business. Rob Tschetter, owner of Cash With Us, has already shut down his business, claiming a 36% annual percentage interest rate as unsustainable and that people were duped by viewing payday loans in the long term instead of the short term.

Other payday lending stores will stay open to service existing customers and loans, but will not be giving out new loans.

For more news on the 2016 election, visit the Black Hills Knowledge Network's online news archives.

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