This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.

Interest in South Dakota

South Dakota law sets a maximum interest rate of 10 percent per year for most consumer loans and obligations, unless a different rate is specifically authorized by statute. This ceiling is established under S.D. Codified Laws § 54-3-5.1, which governs the general permissible interest rate, while § 54-3-16 addresses penalties for exceeding that limit. The rate applies to the principal amount of the debt, and the official source at sdlegislature.gov/Statutes/54-3 provides the complete rule, including any exceptions or conditions that may adjust the rate in specific circumstances. The worked example below demonstrates how this rate is applied in a straightforward calculation. To estimate interest on a particular debt, use the calculator.

Interest calculation example

For a South Dakota this interest calculation, use the verified rate from the current rule packet: 10%. The verified packet cites S.D. Codified Laws § 54-3-5.1, § 54-3-16 (https://sdlegislature.gov/Statutes/54-3).

Example inputs:

• Principal: $10,000
• Days in calculation period: 365

Calculation:

• Convert the rate to a decimal: 10% = 0.1
• Multiply principal by the rate and the day fraction.
• Example interest: $1,000.00

This example is generated from verified packet facts. Confirm compounding, judgment date, and case-specific accrual before relying on the amount.

Interest calculation example

For a South Dakota this interest calculation, use the verified rate from the current rule packet: 10%. The verified packet cites S.D. Codified Laws § 54-3-5.1, § 54-3-16 (https://sdlegislature.gov/Statutes/54-3).

Example inputs:

• Principal: $10,000
• Days in calculation period: 365

Calculation:

• Convert the rate to a decimal: 10% = 0.1
• Multiply principal by the rate and the day fraction.
• Example interest: $1,000.00

This example is generated from verified packet facts. Confirm compounding, judgment date, and case-specific accrual before relying on the amount.

Estimate your own result: every situation has exceptions that can change the outcome. Use the interest calculator to estimate your specific figure.

This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.