Best Debt Consolidation Loans in South Dakota 2024

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Updated: November 19, 2024

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Debt consolidation loans are unsecured personal loans that are used as part of a debt repayment strategy. It's a popular way to streamline and pay off debts you currently owe — like credit card or student loan debt — at a lower interest rate than what you're currently paying.

MoneyGeek analyzed 25 lenders and found PenFed to be the top choice for debt consolidation loans in South Dakota, scoring 96 out of 100. Although PenFed stands out in our analysis, you may also want to contact local lending options like Aspen Federal Credit Union and Black Hills Federal Credit Union to see if they fit your borrowing needs.

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2024

Best Debt Consolidation Loans in South Dakota

Best Overall - PenFed
Runner-Up - Alliant Credit Union
Best for Affordability - Wells Fargo
Best for Large Loans - PNC
Best for Fast Funding - Rocket Loans

Overall Best Debt Consolidation Loan Lender in South Dakota

Company logo for PenFed
PenFed
MoneyGeek Score:
96/ of 100
APR Range8.99% to 17.99%
Loan Amount RangeUp to $50,000
Repayment TermsUp to 60 months
Time to Receive Funds1 to 2 Business Days
Overview

PenFed offers the best debt consolidation loan in South Dakota with a MoneyGeek score of 96 out of 100. Several features contribute to an ideal debt consolidation loan lender, such as competitive rates, how much you can borrow, how quickly you can get your funds, the quality of service it provides and its reputation.

PenFed's APR range of 8.99% to 17.99% can help borrowers save on interest costs. Its loan amount range of up to $50,000 provides flexibility for consolidating various debts. Additionally, the quick disbursement time of 1 to 2 business days ensures that borrowers can address their financial needs promptly.

Runner-Up for Best Debt Consolidation Loan in South Dakota

Company logo for Alliant Credit Union
Alliant Credit Union
MoneyGeek Score:
95/ of 100
APR RangeFrom 10.49%
Loan Amount Range$1,000 to $100,​​​​​000
Repayment Terms12 to 60 months
Time to Receive FundsSame Day
Overview

Alliant Credit Union is another solid option for a debt consolidation loan in South Dakota, with a MoneyGeek score of 95 out of 100. It has a low APR starting from 10.49%, which can help you save on interest payments over time. For example, if you have high-interest credit card debt, consolidating with a lower APR can reduce your overall interest costs significantly.

Another benefit is the high loan amount range, from $1,000 to $100,000. This flexibility allows you to consolidate multiple debts into one loan, simplifying your payments. Additionally, Alliant Credit Union offers same-day fund disbursement, so you can quickly pay off your existing debts and start fresh with a single monthly payment.

Best Debt Consolidation Loan in South Dakota for Affordability

Company logo for Wells Fargo
Wells Fargo
MoneyGeek Score:
94/ of 100
APR Range7.49% to 24.99%
Loan Amount Range$3,000 to $100,000
Repayment Terms12 to 84 months
Time to Receive Funds1 to 3 Business Days
Overview

Wells Fargo offers the best debt consolidation loan in South Dakota for borrowers who prioritize affordability, with a MoneyGeek score of 94 out of 100. It provides an APR range of 7.49% to 24.99%, making it a competitive option for those looking to consolidate their debts. One of its benefits is no origination fees, which means you won't have to pay extra costs upfront.

Additionally, Wells Fargo offers rate discounts, which can lower your overall interest rate and save you money in the long run. Affordability isn't just about interest rates; it's also about minimizing additional costs and taking advantage of available discounts to reduce your financial burden.

Best Debt Consolidation Loan in South Dakota for Large Loan Amounts

Company logo for PNC
PNC
MoneyGeek Score:
96/ of 100
APR RangeUp to 24.99%
Loan Amount Range$1,000 to $35,000
Repayment Terms6 to 60 months
Time to Receive Funds3 Business Days
Overview

PNC offers the best debt consolidation loan in South Dakota for borrowers who need a large loan amount or longer repayment terms. It has a MoneyGeek score of 96 out of 100. PNC provides loan amounts ranging from $1,000 to $35,000 with repayment terms of 6 to 60 months.

PNC's flexible repayment terms allow borrowers to choose a plan that fits their budget, making it easier to manage monthly payments. Additionally, quick fund disbursement means you can consolidate your debts faster, reducing the time you spend paying high-interest rates on multiple loans.

Best Debt Consolidation Loan in South Dakota for Fast Funding

Company logo for Rocket Loans
Rocket Loans
MoneyGeek Score:
95/ of 100
APR Range9.116% to 29.99%
Loan Amount Range$2,000 to $45,000
Repayment Terms36 or 60 months
Time to Receive FundsSame Day
Overview

Rocket Loans offers the best debt consolidation loan in South Dakota for borrowers who need funds quickly. With a MoneyGeek score of 95 out of 100, you can receive funds the same day, making it an excellent choice for urgent financial needs.

Rocket Loans also has flexible loan terms, which allow you to choose a repayment plan that fits your budget, helping you manage your consolidated debt more effectively.

Should You Get a Loan to Consolidate Debt in South Dakota?

Using a debt consolidation loan in South Dakota can simplify your finances by merging multiple payments into one. Yet, it may not be the best option for everyone. For example, if the interest rate on the new loan is higher than your current debts, it might not make sense. Evaluate your specific situation before deciding.

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    Good Credit

    Having good credit can secure better terms for a debt consolidation loan in South Dakota, affecting interest rates and monthly payments.

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    High-Interest Debt

    A debt consolidation loan in South Dakota can lower interest rates on high-interest debt, such as reducing a 20% rate to 10%.

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    Multiple Monthly Payments

    Consolidating debt into one monthly payment simplifies finances. For example, one $500 payment is easier than managing five $100 payments.

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    Lower Monthly Payments

    A debt consolidation loan in South Dakota can lower monthly payments, such as reducing total payments from $800 to $600.

When You Shouldn't Get a Debt Consolidation Loan

  • When your new monthly payment is higher: A higher monthly payment can strain your budget further, leading to more financial stress rather than relief.
  • When you can pay off debt within a year: If you can clear your debt within a year, a consolidation loan might not be necessary. Short-term sacrifices could save you interest.
  • When your income is uncertain: Unpredictable income makes it hard to commit to fixed monthly payments. This could lead to missed payments and additional fees.
  • When your debt-to-income ratio is high: A high debt-to-income ratio can result in loan denial or unfavorable terms. Improving your DTI before applying for a debt consolidation loan in South Dakota is a better strategy.

How to Get a Debt Consolidation Loan in South Dakota

The average personal loan debt in South Dakota is $92,733, while the overall average debt for Americans is $104,215. In South Dakota, the average monthly debt is around $7,728.

Using a personal loan to consolidate debt in South Dakota can simplify your payments and potentially lower your interest rates. Going into the process blindly can lead to higher interest rates and damage your credit score. To avoid these risks, follow these steps to apply for a debt consolidation loan.

  1. 1
    Review your debts and credit score

    Account for existing debts to see which ones to consolidate, like credit card debt. Choosing the wrong debts can lead to higher interest costs. Check your credit score to better understand your chances of loan approval with specific lenders.

  2. 2
    Compare loan terms from lenders

    Compare loan terms from multiple lenders. Ensure the loan can be used for debt consolidation. Look at APRs, loan limits and how soon you can receive the funds.

  3. 3
    Check for extra benefits

    Some lenders offer added features that benefit you in the long run. For example, in South Dakota, Laurel Road and Upgrade offer rate discounts.

  4. 4
    Watch out for fees and penalties

    Some lender features could be drawbacks. In South Dakota, Axos charges an origination fee and Prosper charges a late fee. These fees can impact your short- and long-term finances.

  5. 5
    Get prequalified

    Prequalification helps borrowers gauge eligibility without affecting their credit score. It uses a soft credit check, which doesn't impact your credit score.

  6. 6
    Complete your loan application

    Complete your loan application by preparing necessary documents like proof of income, identification and bank statements to expedite the process.

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WHAT TO DO IF YOU'RE DENIED A DEBT CONSOLIDATION LOAN IN SOUTH DAKOTA

Lenders might deny your loan application due to a poor credit score or a high debt-to-income ratio. Before applying for a debt consolidation loan in South Dakota, check your credit report for errors and work on reducing your existing debt.

Consider reaching out to credit counseling agencies like Pioneer Credit Counseling and Allen Credit and Debt Counseling Agency to help you manage your debts better. Another option is to use a 0% APR balance transfer credit card, which allows you to transfer existing balances and pay no interest for a set period, potentially saving you money on interest payments.

FAQ: Debt Consolidation Loans in South Dakota

MoneyGeek addresses common questions borrowers have about debt consolidation loans in South Dakota to help you understand how debt consolidation can simplify your finances.

What is a debt consolidation loan in South Dakota?
What's the best debt consolidation loan lender in South Dakota?
Can I get a debt consolidation loan in South Dakota if I have bad credit?
Can a credit counseling agency in South Dakota help manage debt?
When should I get a debt consolidation loan in South Dakota?

MoneyGeek analyzed 25 national lenders licensed to do business in South Dakota, based on a rubric that includes APR ranges, loan amounts, and repayment terms, among other key areas. We use a point-based system and assign scores according to the presence or absence of desirable features in various important categories.

We score lenders differently when recommending the best for affordability, loan amounts, and fast funding.

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We conducted our analysis in September 2024.

25Lenders Analyzed

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.

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