January 13, 2020
The Sky Doesn't Fall: Life After Payday Lending in South Dakota
"DURHAM, N.C. – Today the Center for Responsible Lending (CRL) released a report analyzing the impact of a 36% interest rate cap on South Dakota following its 2016 passage by ballot measure. The Sky Doesn’t Fall: Life After Payday Lending in South Dakota finds that some South Dakotans are still suffering the harmful consequences of predatory payday lending from before the rate cap was enacted in the form of aggressive debt collections. But much lower cost options for meeting cash shortfalls are available in the state, and the storefronts that once peppered cities and towns have been replaced by productive businesses. Two years after passage, South Dakotans still voiced strong support for the 36% cap and opposed attempts to undermine the measure."
Press Release | Center for Responsible Lending, January 13, 2020
New CRL Report | Charla Rios, Diane Standaert, Yasmin Farahi, CRL, January 2020
Read our 2019 Updates here.