It looks like South Dakota voters next year will have a chance to decide on an interest rate ceiling on payday loans.

A petition drive will soon be underway that would put a cap of thirty six percent on those type of loans.

Sarah Jennings, state director of AARP-South Dakota, says her organization is joining the coalition backing the petition drive…

 

Jennings says those type of loans have huge paybacks and fees…

 

Jennings says they will focus on voter education on the issue…

 

South Dakota is one of seven states that currently don’t have a cap on payday lending rates.