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South Carolina Promissory Note Templates (2)

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South Carolina Promissory Note Templates (2)

Updated July 27, 2023

A South Carolina promissory note template is a document completed in conjunction by both a lender and a borrower (of a monetary balance). The documents establish the basics for the transaction, such as dictating the full amount being loaned, the interest rates and when they enter into effect, and how the borrower will pay back the balance to the lender.

Usury Rate – Unsupervised lenders may not charge a rate above 12%. No lender may charge a rate above 18%.

Table of Contents

By Type (2)


Secured Promissory Note – Includes a section where security is dictated. The item in security is given to the lender if the borrower cannot recover from default to help cover the cost of the unpaid balance. The item put into security should be of similar value to that of the loaned balance.

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Unsecured Promissory Note – Does not include security, adding financial risk to the transaction for the lender. The lender should screen potential borrowers to ensure they have worthy credit.

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Usury Statute

(1) With respect to a consumer loan, including a loan pursuant to open-end credit, a lender who is not a supervised lender may contract for and receive a finance charge, calculated according to the actuarial method, not exceeding twelve percent per year. With respect to a consumer loan made pursuant to open-end credit, the finance charge shall be deemed not to exceed twelve percent per year if the finance charge contracted for and received does not exceed a charge for each monthly billing cycle which is one percent of the average daily balance of the open-end account in the billing cycle for which the charge is made. The average daily balance of the open-end account is the sum of the amount unpaid each day during that cycle divided by the number of days in the cycle. The amount unpaid on a day is determined by adding to any balance unpaid as of the beginning of that day all purchases, loans, and other debits and deducting all payments and other credits made or received as of that day. If the billing cycle is not monthly, the finance charge shall be deemed not to exceed twelve percent per year if the finance charge contracted for and received does not exceed a percentage which bears the same relation to one percent as the number of days in the billing cycle bears to three hundred sixty-five divided by twelve. A billing cycle is monthly if the closing date of the cycle is the same date each month or does not vary by more than four days from the regular date.

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