I just read that fifteen states either ban payday loans or cap interest rates at 36%. None of them has any storefront lenders. What do people with bad credit in those states do when they need a loan?

It sounds like unless the regulation that just passed is reversed or challenged, it's likely that South Dakota payday lenders will all cease operations permanently.

I recently moved back to South Dakota after living in a different state for 15 years, and the payday loan places seem to be overtaking the city. With South Dakota having the second highest cap on interest rates of all states in the U.S., it's not surprising. Not a great look, though, driving down the street and seeing payday loan places so frequently. I remember years ago when I came back to visit, I wondered if the city economy was tanking because of all the payday loan places everywhere. I personally feel for people who have financial emergencies, and it's unfortunate we couldn't have found some middle ground rather than going from one extreme (one of the highest interest rates in the nation) to the complete opposite extreme (no payday lending at all).