New city banking program does not address big picture problems
Carissa Weimer, with Cash With Us, counts out money for Joe Lafferty, of Eagle Butte, on Friday, Oct. 18, 2011. Lafferty is from Eagle Butte but was in Rapid City and needed to cash a check. Because he does not have a bank in Rapid City, he cashed his check at Cash With Us. Lafferty said he does not mind paying a fee to cash a check because it is the price he pays for convenience. (Kristina Barker/Journal staff)
How a payday loan works Write a personal check for the amount borrowed plus the fee, usually 15 percent for a two-week loan. Receive the loan amount in cash. Return on payday to pay off the loan and finance charge in cash, or allow the lender to deposit the check. Or, pay the finance charge plus 10 percent of the principal and allow the loan to be rolled over for another pay period. Payday loan laws in South Dakota A given loan store may not lend more than $500 to an individual customer. The maximum principal balance of any one loan cannot exceed $500. No law limits the total number of loans an individual can take out from different stores at the same time. There is no limit on the interest rate that can be charged for a payday loan. A loan cannot be extended, or rolled over, more than four times, and each time, the debtor must pay the outstanding fee and reduce the principal by at least 10 percent of the original loan amount.One local payday loan store operator said a new city program to steer residents away from payday loans and into banks and credit unions is, in some respects, a good idea.
"We agree there is a problem with people getting too much money and they can't pay it back," said Rob Tschetter, owner of Cash With Us check cashing and payday loan service at 406 E. North St.
But Tschetter said most customers use the loans responsibly, and the new program, Bank On Rapid City, but doesn't address some of the real reasons people turn to the loans he provides.
"I don't think they realize, they're getting loans to protect themselves from the banks," Tschetter said.
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Teletrack is now used voluntarily by some payday lenders, to track the number and amount of outstanding loans a customer has, and track the customer's history in paying debt back. Tschetter said required reporting, along with a cap on the total amount
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