Monroe at a glance
- Population: 160 people, the 190th-largest place among South Dakota's 309 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 156 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: up roughly 2.6% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among South Dakota places: 190th of the state's 309 Census places (US Census Bureau).
- Size percentile: roughly 39% of South Dakota's places have fewer residents (US Census Bureau).
- Coordinates: 43.4865, -97.2167 (US Census Bureau Gazetteer).
- Nearest larger cities: Marion, SD (5 mi); Parker, SD (7 mi); Canistota, SD (9 mi); Humboldt, SD (13 mi); Chancellor, SD (14 mi) — straight-line distances, US Census Bureau populations.
- Smaller places close by: Dolton, SD (8 mi); Davis, SD (19 mi); Spencer, SD (25 mi) (US Census Bureau).
What a personal loan costs in Monroe
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
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.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
South Dakota lending rules that apply in Monroe
Read the table as the compliance picture for a lender serving Monroe: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Monroe
A few practical steps will make the process in Monroe less costly:
- 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.