What people use personal loans for
A personal loan is a lump sum repaid in fixed monthly payments. People use one for a larger cost they want to spread out, such as a car repair, a move, medical bills or several higher-rate debts rolled into one payment. The examples below show what larger and smaller amounts can cost within South Carolina limits.
What personal 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
- $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
- $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
- $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
| Product | Status | APR cap | Amount | Term | License | Law |
|---|---|---|---|---|---|---|
| Installment and personal loans[1][2][3] | Allowed | 18% APR | Not set by statute | Not set by statute | Restricted lender license under the SC Consumer Finance Act | 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.
Help in South Carolina
Money snapshot for South Carolina
Other options in South Carolina
Worth checking whatever your credit: these can cost less than a high-rate loan.
- Emergency loans in South Carolina: allowed under South Carolina law; see its limits and license rules.
- Installment loans in South Carolina: allowed under South Carolina law; see its limits and license rules.
- Payday loans in South Carolina: allowed under South Carolina law; see its limits and license rules.
- Title loans in South Carolina: allowed under South Carolina law; see its limits and license rules.
- Credit union payday alternative loans (PALs). Federal credit unions may offer small loans of up to $2,000 with terms of up to 12 months and an APR no higher than 28%, under NCUA rules (12 CFR 701.21). You usually need to be a member.
- Nonprofit credit counseling. A counselor accredited by the National Foundation for Credit Counseling can help you build a budget or a debt management plan.
- Ask your creditor for a payment plan. Utilities, hospitals and many lenders offer hardship or extended payment plans if you ask before you miss a payment.
- Local assistance. Call 211, or visit 211.org, for emergency help with rent, utilities and food in South Carolina.
Personal loans in nearby states
- North CarolinaAllowed 33% APR (top tier)
- GeorgiaAllowed 60% APR
- VirginiaAllowed 36% APR
- West VirginiaAllowed 31% APR (top tier)
- TennesseeAllowed 24% APR
Sources
- scstatehouse.gov. S.C. Code Ann. Sections 37-3-201, 37-3-305, 37-3-501. Retrieved September 23, 2026.
- consumer.sc.gov/licensee-lookup. Retrieved September 23, 2026.
- consumer.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.
- National Low Income Housing Coalition. Out of Reach 2026: South Carolina. Retrieved September 23, 2026.
- U.S. Census Bureau, Population Division. Vintage 2024 National and State Population Estimates. Retrieved September 23, 2026.
- U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.
Important disclosures
Illustrative range for installment loans in South Carolina: APRs from 5.99% to 18%, where the state APR cap is 18%. This range is not a quote; each lender sets its own rates. Your APR depends on your credit, income, state and the lender.
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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.