What a loan can cost in South Carolina
Examples at an illustrative rate, never above South Carolina's cap for the amount. They are not quotes.
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.
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.
Resources in South Carolina
Free and low-cost help in South Carolina, each with its official link and the date we checked it.
Lending regulator and complaints
South Carolina State Board of Financial Institutions, Consumer Finance Division (Office of the Commissioner of Consumer Finance) licenses lenders in South Carolina.
Check a lender's license File a complaint
consumerfinance.sc.gov Checked September 23, 2026
Attorney general consumer protection
Takes complaints about scams and unfair debt collection.
scag.gov Checked September 23, 2026
211
Help with rent, utilities, food and other urgent bills.
sc211.org Checked September 23, 2026
Legal aid
Free civil legal help if your income is low; income limits vary.
sclegal.org Checked September 23, 2026
Nonprofit credit counseling
Help with a budget or a debt management plan.
nfcc.org Checked September 23, 2026
Benefits portal
Check whether you qualify for food, cash or other benefits in South Carolina.
benefitsportal.dss.sc.gov Checked September 23, 2026
Federal complaints
Complaints about any lender, to the Consumer Financial Protection Bureau.
Submit a complaint to the CFPB
consumerfinance.gov Checked September 23, 2026 Available in Spanish
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). 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.
- 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.
- Credit-builder loans: a small loan held in savings while you pay it off, which can help build a payment history.
- Secured credit cards: a card backed by a deposit you make, which can help build credit when you pay on time.
The rules lenders follow in South Carolina
Each rule links to its source. How we research state rules.
Allowed in South Carolina: installment and personal loans, title loans and payday loans.
| 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 | S.C. Code Ann. Sections 37-3-201, 37-3-305, 37-3-501; S.C. Code Ann. Title 34, Chapter 29 |
| Title loans[1][4] | AllowedNo rate limit in state law | No rate limit | Not set by statute | 30 days to 8 months | Supervised lender license | S.C. Code Ann. Section 37-3-413; Section 37-3-201 |
| Payday loans[5][4] | AllowedHigh-cost loan | Fee cap | Up to $550 | Up to 31 days | Deferred Presentment Services license | S.C. Code Ann. Section 34-39-180; Section 34-39-130 |
| 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.
Rate, fee and license rules in South Carolina
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.
Title loans
- Rate cap
- Regulated as 'short-term vehicle secured loans' under 37-3-413, layered on the general supervised-loan finance-charge rules (37-3-201). Loans in this category are marketed and disclosed as 'higher interest' (required notice) and no interest may accrue after the sixth renewal.
- License
- Supervised lender license (S.C. Code Title 37, Chapter 3) covering short-term vehicle-secured loans.
Payday loans
- Rate cap
- No flat APR cap; South Carolina Deferred Presentment Services Act caps the fee instead. A licensee may not charge a fee or other consideration exceeding 15% of the principal amount of the transaction (S.C. Code 34-39-180(E)). This chapter is expressly exempt from other state interest/fee/loan-charge statutes.
- Fees
- Fee capped at 15% of the principal amount advanced per transaction (34-39-180(E)).
- License
- Deferred Presentment Services license under S.C. Code Title 34, Chapter 39, a separate license required per location.
Rent and jobs in South Carolina
Typical rent and the jobless rate, to weigh before a loan payment.
Guides for South Carolina borrowers
Check your options in South Carolina
South Carolina questions
Does South Carolina law allow payday loans?
South Carolina law allows payday loans. State law caps the fee rather than the APR. Source: S.C. Code Ann. Section 34-39-180; Section 34-39-130.
What is the most a lender can charge in South Carolina?
By loan type in South Carolina: Installment and personal loans: 18% APR. Title loans: No rate limit. Payday loans: Fee cap.
Where can I file a complaint about a lender in South Carolina?
You can file a complaint with South Carolina State Board of Financial Institutions, Consumer Finance Division (Office of the Commissioner of Consumer Finance), and you can also submit one to the Consumer Financial Protection Bureau. Both links are under Resources in South Carolina on this page.
How do I check a lender's license in South Carolina?
South Carolina State Board of Financial Institutions, Consumer Finance Division (Office of the Commissioner of Consumer Finance) licenses lenders in South Carolina. Use the license link under Resources in South Carolina on this page to check a lender before you share your information.
Is there free help paying bills in South Carolina?
Yes. Resources in South Carolina on this page lists free help, including 211, legal aid, nonprofit credit counseling and benefits portal.
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.
- 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.
- consumerfinance.sc.gov. South Carolina State Board of Financial Institutions, Consumer Finance Division. Retrieved September 23, 2026.
- scstatehouse.gov. S.C. Code Ann. Section 34-39-180. Retrieved September 23, 2026.
- National Low Income Housing Coalition. Out of Reach 2026: South Carolina. 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
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.