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Installment loans in South Carolina

Installment loans for bad credit in South Carolina

Installment loans are allowed in South Carolina from state-licensed lenders (Restricted lender license). Here are the limits South Carolina law sets, what a typical loan can cost, and where to get free help if you need it.

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Part of the South Carolina guide

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How installment loans work

An installment loan is repaid in equal payments over months, not in one payment on your next payday; the examples below stay within South Carolina limits.

What installment loans can cost

These examples show how cost adds up. They are illustrative, not a quote. Your lender sets the actual rate and terms.

Representative example

Amount borrowed
$1,000
Annual percentage rate (APR)
18%
Repayment
12 monthly payments
Payment
$91.68
Finance charge
$100.16
Total of payments
$1,100.16

Example: a $1,000 installment loan at 18% APR repaid in 12 monthly payments of $91.68 costs $1,100.16 in total, including a finance charge of $100.16. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.

Representative example

Amount borrowed
$3,000
Annual percentage rate (APR)
18%
Repayment
12 monthly payments
Payment
$275.04
Finance charge
$300.48
Total of payments
$3,300.48

Example: a $3,000 installment loan at 18% APR repaid in 12 monthly payments of $275.04 costs $3,300.48 in total, including a finance charge of $300.48. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.

Representative example

Amount borrowed
$500
Annual percentage rate (APR)
18%
Repayment
12 monthly payments
Payment
$45.84
Finance charge
$50.08
Total of payments
$550.08

Example: a $500 installment loan at 18% APR repaid in 12 monthly payments of $45.84 costs $550.08 in total, including a finance charge of $50.08. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.

What South Carolina law allows

Installment loans in South Carolina
ProductStatusAPR capAmountTermLicenseLaw
Installment and personal loans[1][2][3] Allowed 18% APR Not set by statute Not set by statute Restricted lender license S.C. Code Ann. Sections 37-3-201, 37-3-305, 37-3-501; S.C. Code Ann. Title 34, Chapter 29
Verified against the statute and regulator on September 23, 2026. Laws change; confirm with the regulator before you borrow.

Bars place each APR cap on a 0 to 400% scale; the pin marks the cap. A striped bar means the statute sets no numeric cap.

The rules in full

Installment and personal loans

Rate cap
South Carolina Consumer Protection Code, 37-3-201: a loan is a 'supervised loan' once its finance charge exceeds 12% per year (unsupervised max is 12%/yr). Supervised lenders may charge up to 18% per year on unpaid balances for any loan amount, or, for loans under $600, a rate tied to the Consumer Finance Act schedule (34-29-140) or a filed rate, whichever is lower; for loans over $600, the lender's own filed rate schedule governs.
Fees
Rate/fee schedules must be filed and posted with the SC Dept. of Consumer Affairs (37-3-305); a creditor that fails to file is capped at 18% APR.
License
Restricted lender license under the SC Consumer Finance Act (S.C. Code Title 34, Chapter 29) for loans under $600 at higher rates; supervised lenders generally must file a maximum rate schedule with the Dept. of Consumer Affairs under 37-3-305.

Full detail for every loan type: South Carolina lending laws.

Rent and jobs in South Carolina

Typical rent and the jobless rate, to weigh before a loan payment.

Rent and unemployment in South Carolina
MeasureValueYear
Fair market rent, 2 bedroom (monthly)[4]$1,352FY2026
Unemployment rate[5]4.1%2026-08

Other options in South Carolina

Cheaper options to try first

Worth checking whatever your credit: these can cost less than a high-rate loan.

  • Credit union payday alternative loans (PALs), capped at 28% APR under NCUA rules (12 CFR 701.21).
  • Nonprofit credit counseling through the National Foundation for Credit Counseling.
  • A payment plan from the company you owe, if you ask before you miss a payment.
  • 211 for help with rent, utilities and food: call 211 or visit 211.org.

More cheaper options in South Carolina.

Other loan types allowed in South Carolina

See every loan type South Carolina law allows.

Installment loans in nearby states

Sources

  1. scstatehouse.gov. S.C. Code Ann. Sections 37-3-201, 37-3-305, 37-3-501. Retrieved September 23, 2026.
  2. consumer.sc.gov/licensee-lookup. Retrieved September 23, 2026.
  3. consumerfinance.sc.gov. South Carolina Department of Consumer Affairs (rate filings, supervised lenders); Office of the Commissioner of Consumer Finance (restricted lenders under.... Retrieved September 23, 2026.
  4. National Low Income Housing Coalition. Out of Reach 2026: South Carolina. Retrieved September 23, 2026.
  5. U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.

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Important disclosures

APRs vary by lender and state in South Carolina. Each lender sets its own rates and terms and must show you the APR before you sign.

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  • Questions about a lender licensed in South Carolina? Contact the South Carolina Department of Consumer Affairs (rate filings, supervised lenders); Office of the Commissioner of Consumer Finance (restricted lenders under Title 34-29) or file a state complaint.
  • You can submit a complaint about any lender to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.