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GROW South Dakota has limited loan funds available statewide to refinance existing personal debt or assist with financial needs. These loans can be a minimum of $500 and a maximum of $2,500. This is a standard 12-month term, fixed 10% interest rate. Eligible loan purposes include; paying off high interest debt, clearing up judgements, car repairs, and other items may be considered on a case-by-case basis. The loan must clear up the existing debt, judgement, car repair or other item.
Restrictions & Guidelines:
· APR cannot exceed 36%
· No minimum credit score
· Must be able to show repayment ability
o Payments are required to be made by auto deduction or payroll deduction
· Origination fee can be financed if necessary
· Financial counseling is strongly suggested.
o Classes available at Lutheran Social Services – Contact Sheri Ekdom at 605-444-7700 or 888-258-2227 ext. 7700 (toll free)