Faulkton at a glance
- Population: 823 residents, the 76th-largest of 309 places in South Dakota (US Census Bureau, Vintage 2023).
- 2020 Census base: 829 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: a loss of about 0.7% since the 2020 count (US Census Bureau).
- Rank among South Dakota places: 76th-largest of 309 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: it exceeds roughly 75% of South Dakota's Census places by population (US Census Bureau).
- Coordinates: 45.0342, -99.1267 (US Census Bureau Gazetteer).
- Nearest larger cities: Ipswich, SD (29 mi); Redfield, SD (32 mi); Miller, SD (36 mi); Gettysburg, SD (40 mi); Aberdeen, SD (44 mi); each population is a US Census Bureau estimate.
- Smaller places close by: Orient, SD (9 mi); Cresbard, SD (13 mi); Rockham, SD (17 mi) (US Census Bureau).
What a personal loan costs in Faulkton
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
Lenders weigh your credit history, income and debts when they set the rate, and the term you choose then determines how that rate compounds into total cost.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
South Dakota lending rules that apply in Faulkton
The South Dakota rate caps and licensing rules that reach Faulkton are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | Money Lender license (SDCL ch. 54-4) required for anyone lending money or creating/holding/purchasing retail installment contracts; payday and title lenders are licensed as money lenders. Source says: "to be a Money Lender and subject to the licensing requirements of South Dakota Codified Laws (SDCL) Chapter 54-4"; "Payday and title lenders are also licensed as Money Lenders under SDCL Chapter 54-4." | South Dakota Division of Banking (Department of Labor and Regulation) as of 2026-09-16 |
| State lending regulator | South Dakota Division of Banking (Department of Labor and Regulation) Source says: "The Division of Banking is charged with the regulation and supervision of state chartered and licensed financial institutions." | South Dakota Division of Banking (Department of Labor and Regulation) as of 2026-09-16 |
| Initiated Measure 21 anti-evasion rule (state-specific rule) | Initiated Measure 21 (2016) also bars evasion by indirect means; applies to loans originated, refinanced, rolled over, renewed or flipped after November 15, 2016. Source says: "prohibits these money lenders from evading this rate limitation by indirect means... a loan made in violation of this measure is void" (Division of Banking guidance on Initiated Measure 21). | South Dakota Division of Banking (Department of Labor and Regulation) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | No general maximum/usury restriction when the rate is set by written agreement; specific caps elsewhere in the code apply (e.g., 36% for licensed money lenders). Source says: "no maximum interest rate or charge, or usury rate restriction... if they establish the interest rate or charge by written agreement" (SDCL 54-3-1.1). | South Dakota Legislature (South Dakota Codified Laws) as of 2026-09-16 |
| Payday lending status | Legal for licensed money lenders (including payday and title lenders) but capped at 36% APR including all fees and charges; violations are a Class 1 misdemeanor and loans are void. Source says: "no licensee may contract for or receive finance charges pursuant to a loan in excess of an annual rate of thirty-six percent" (SDCL 54-4-44); "A violation of this section is a Class 1 misdemeanor. Any loan made in violation of this section is void and uncollectible" (54-4-44). | South Dakota Legislature (South Dakota Codified Laws) as of 2026-09-16 |
How to compare offers in Faulkton
Run through this list before signing anything in Faulkton:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in South Dakota using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.