You can get a loan in South Dakota from LightStream, Upgrade and SoFi, among other banks, credit unions and online lenders. Some of the most important things to consider when applying for a personal loan in South Dakota include the loan's APR, origination fee, funding amount, payoff period and approval timeline.
Getting a loan in South Dakota isn't much different from getting a loan in any other state because all of the best lenders nationally are available in South Dakota. Below, you can see more details about how they stack up against one another.
A personal loan isn't the only type of loan you can get in South Dakota. You can also get a mortgage, an auto loan or a home equity loan, for example. You can compare all of these different types of loans on WalletHub.
The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.… read full answer
Wells Fargo normally requires a credit score of 660 for their unsecured personal loans. However, they also offer secured personal loans that are available even with lower scores. Wells Fargo’s secured loans require collateral in the form of money in a Wells Fargo savings account or CD.
Most banks that offer personal loans require a credit score of at least 660. Some require even higher scores, like Citizens Bank (680) and Barclays (700).
Easiest Banks to Get a Personal Loan From:
USAA: Will lend to people with less than fair credit (scores below 640)
Wells Fargo: 660 minimum credit score for unsecured; no minimum for secured
American Express: 660 minimum credit score
Discover: 660 minimum credit score
TD Bank: 660 minimum credit score for existing customers (750 for non-TD customers)
These credit score requirements are either official info from the lender or the consensus of third-party sources.
The average person’s credit score is over 660, which puts them in a decent position to qualify for a personal loan from most banks. But if your score is lower, you can apply with USAA or get a secured loan from Wells Fargo.
You might also want to look outside of banks. Some credit unions and online lenders offer better chances of being approved with bad credit. For example, Avant’s minimum score requirement is reportedly 600 and LendingPoint’s is 585.
To get a loan quickly, apply online with a personal loan provider that is known for fast approval and funding times, such as LightStream. Applying online will ensure the fastest possible application processing time, assuming that all information on the application is accurate and entered correctly. You could get your loan funded within 2-3 business days, if not the same day.… read full answer
Secured personal loans also tend to provide quick decisions, as the collateral they require greatly reduces the lender’s risk. Even people with bad credit can get approved relatively easily. Other ways to get a quick loan include borrowing from a family member or friend, using a credit card or tapping into home equity. There are also some non-ideal options, such as payday lenders, auto title lenders and pawnshops.
How to get a quick loan
1. Apply for one of the quickest personal loans. The quickest personal loan provider, LightStream, can fund and approve loans as soon as the same day you apply. Many other lenders offer funding within 2 - 3 business days. For the fastest timeline, pre-qualify first, apply online, and fill out the application accurately.
2. Apply for a secured personal loan.Secured personal loans require collateral for approval. This ensures that the lender can still recoup its money even if the borrower is unable to repay what they owe. This makes the approval decision easier for the lender.
3. Borrow from family/friends. If you ask a family member or friend to borrow money, it’s possible you could get it pretty much instantly, since they won’t be performing a credit check or making you fill out an application. You should still take time to write down and sign a loan agreement, though.
4. Use a credit card. If you have a credit card, you may be able to charge your expenses if they add up to less than the card’s credit limit. But credit card APRs are expensive, around 19% on average for new offers and around 15% for all existing accounts.
You could also withdraw cash against the card’s credit limit at an ATM, as long as you have a PIN. However, cash advances come with high fees and start accruing interest immediately, so they’re not ideal.
5. Use a HELOC. It takes weeks to get approved for a home equity line of credit, so normally they’re not a quick way to get money. However, if you already have one open, you can use it to get a quick loan any time during its draw period. Keep in mind that a HELOC is secured by your house, so if you can’t pay, the lender can foreclose.
There are a few things you should definitely avoid when trying to get a loan quickly. Don’t go to payday lenders, which lend a small amount of money until your next paycheck comes in. They charge sky-high fees (often a 400%+ APR). Auto title lenders are bad, too, as they charge high fees (up to a quarter of what you borrow) and use your car as collateral. Similarly, avoid pawnshops, as they charge up to 25% interest per month and can keep your items if you’re unable to buy the loan back.
The best personal loans for a 450 credit score are from NetCredit, OppLoans and Oportun. These companies specialize in lending to people with bad credit and won't even do a credit check when you apply for a loan.
It's important to note that any personal loan you get with a 450 credit score is likely to have a very high APR and an expensive origination fee. If possible, you might want to try to borrow money a less costly way, such as from friends and family. If that's not an option, the following lenders offer the most competitive terms.… read full answer
Keep in mind that getting a personal loan with a 450 credit score is not guaranteed. When making a decision on whether or not to approve you, a lender will look at your whole financial profile, including things like your income, existing debts, housing status and more.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub.
Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.