South Dakota Installment Loan

Rates and Terms for South Dakota

Effective November 16, 2016 MoneyKey is no longer issuing new loans in South Dakota.

About the Installment Loan

This MoneyKey Installment Loan is a loan product repayable in substantially equal installments spread out over a period greater than six (6) months. For customers who receive their income on a bi-weekly, semi-monthly and weekly basis, the loan is repayable in fourteen (14) installments. For customers who receive their income on a monthly basis, the loan is repayable in eight (8) installments. Each installment includes a payment toward your principal loan amount.

How much can I borrow?

South Dakota Installment Loan amounts range between $200 and $1,000. Whether an individual will be approved, and the amount they will be approved for, is dependent on certain qualification criteria.

How much will my Installment Loan cost?

MoneyKey charges customers who receive their income on a weekly, bi-weekly, and semi-monthly basis a fee of $25 per $100 of the principal outstanding for each installment in your payment schedule.

MoneyKey charges customers who receive their income on a monthly basis a fee of $30 per $100 of the principal outstanding for each installment in your payment schedule.

The examples below show these fees reflected both as an annual percentage rate (APR) and a total dollar amount ("Finance Charge"), and are helpful in demonstrating how the Installment Loan works.

Semi-Monthly Example: A $400 Installment Loan (fee of $25 per $100 for each installment) due in 14 installment payments over six (6) months. This is only an example; the APR, repayment amount and payment schedule will vary depending on the individual loan term.

ANNUAL PERCENTAGE RATEFINANCE CHARGEAMOUNT FINANCEDTOTAL OF PAYMENTSTOTAL NUMBER OF PAYMENTS
The cost of your credit as yearly rate The dollar amount the credit will cost you The amount of credit provided to you on your behalf The amount you will have paid after you have made all payments as scheduled The number of individual payments you will have made until your loan is repaid in full
566.302%$1,064.89$400.00$1,464.8914

*Annual Percentage Rate (APR) is the finance charge of your loan expressed as a yearly rate.

PAYMENT SCHEDULE

 PAYMENT NUMBER  PAYMENT AMOUNT  PAYMENT DATE 
1$104.5907/15/2016
2$104.5907/29/2016
3$104.5908/15/2016
4$104.5908/31/2016
5$104.5909/15/2016
6$104.5909/30/2016
7$104.5910/14/2016
8$104.5910/31/2016
9$104.5911/15/2016
10$104.5911/30/2016
11$104.5912/15/2016
12$104.5912/30/2016
13$104.5901/13/2017
14$105.2201/31/2017

Monthly Example: A $400 Installment Loan (fee of $30 per $100 for each installment) due in eight (8) installments over eight (8) months. This is only an example; the APR, repayment amount and payment schedule will vary depending on the individual loan term.

ANNUAL PERCENTAGE RATEFINANCE CHARGEAMOUNT FINANCEDTOTAL OF PAYMENTSTOTAL NUMBER OF PAYMENTS
The cost of your credit as yearly rate The dollar amount the credit will cost you The amount of credit provided to you on your behalf The amount you will have paid after you have made all payments as scheduled The number of individual payments you will have made until your loan is repaid in full
420.450%$694.32$400.00$1,094.328

*Annual Percentage Rate (APR) is the finance charge of your loan expressed as a yearly rate.

PAYMENT SCHEDULE

 PAYMENT NUMBER  PAYMENT AMOUNT  PAYMENT DATE 
1$136.7502/29/2016
2$136.7503/31/2016
3$136.7504/29/2016
4$136.7505/31/2016
5$136.7506/30/2016
6$136.7507/29/2016
7$136.7508/31/2016
8$137.0709/30/2016

When do I pay the Installment Loan back?

The maximum available Installment Loan term is 8 months. For customers who receive their income on a weekly, bi-weekly, and semi-monthly basis, the loan repayment schedule consists of fourteen (14) substantially equal scheduled installments. For customers who receive their income on a monthly basis, the loan repayment schedule consists of eight (8) substantially equal scheduled installments.

Early Repayment Notice: There is no penalty to pay off your Installment Loan earlier than scheduled. If you want to make an early payment, or pay an additional amount over and above your scheduled installment to reduce the total amount owed, you may do so at any time by contacting MoneyKey by phone at 1-866-255-1668 or via email at customercare@moneykey.com. MoneyKey encourages you to pay your loan off as quickly as possible to reduce the amount of finance charges you will pay in connection with the loan.

Any payment made in excess of the scheduled payment (whether a partial or full prepayment) will reduce the finance charges you will pay in connection with the loan, relative to the finance charges disclosed in your loan agreements.

Are there additional charges?

No. There are no additional charges beyond what has been disclosed here.

Can I cancel my Installment Loan?

You can rescind your loan at no cost within three (3) business days of the effective date of your agreement by phone at 1-866-255-1668 or via email at customercare@moneykey.com. If you do rescind your loan, you will be responsible for returning the entire principal balance back to us. If you do not return the entire principal balance to us, your loan will remain in full force and effect and you will accrue fees on such outstanding principal balance.

Who funds the Installment Loans?

All loans are funded by MoneyKey – SD, Inc. The loan agreement will be governed by applicable laws of the State of South Dakota. Click here to view the applicable South Dakota laws.

I have a few more questions

For additional questions, or if you would like to learn more about this Installment Loan, please call our Customer Care team at 1-866-255-1668, or check out the frequently asked questions (FAQs) for this product.

Notice of Finance Charge Change - as of June 30, 2016

If your loan was originated prior to June 30, 2016 your finance charge may be different. Please reference your loan agreement for your finance charge or call our Customer Care team at 1-866-255-1668

Authority to Operate

Our South Dakota License can be viewed by clicking on the image below.

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