DOWNLOAD this South Dakota Promissory Note Form when documenting a loan between two people in South Dakota. The parties may agree to the rate of interest charged, as long as it falls within the parameters of South Dakota law, as well as how the loan will be repaid. The note also allows for an agreement as to whether the loan will be secured or unsecured.
Under South Dakota law, parties may agree to any interest rate as long as the agreement is in writing. The legal interest rate, if it is not in writing is 12% per year. SD ST § 54-3-16 and SD ST § 54-3-4