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South Carolina Promissory Notes

Create a legally compliant South Carolina promissory note that complies with state usury limits and includes all required provisions. Choose the note type that fits your lending situation, fill out the guided form, and download your professional PDF for $7.99.

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Secured Promissory Note

For loans backed by collateral such as a vehicle, property, or equipment. The lender can seize the collateral if the borrower defaults.

Complies with South Carolina usury limits (max 12%). Includes collateral description and default remedies.

Create Secured Promissory Note

Unsecured Promissory Note

For loans based solely on the borrower's promise to pay, with no collateral pledged. Common for personal and family loans.

South Carolina statute of limitations: 6 years. Max interest rate: 12%.

Create Unsecured Promissory Note

Installment Promissory Note

For loans repaid in fixed periodic payments over a set term. Includes a detailed payment schedule with amounts and due dates.

Includes amortization-ready payment terms compliant with South Carolina usury law (12% max rate).

Create Installment Promissory Note

Demand Promissory Note

Payable in full when the lender demands repayment. No fixed schedule or maturity date. Common for informal arrangements.

Payable on demand under South Carolina law. Includes usury savings clause and default provisions.

Create Demand Promissory Note

South Carolina Usury Law and Note Requirements

Max Interest Rate 12%
Rate Description No general usury cap for private one-time lenders; a lender regularly in the business of making consumer loans is capped at 12% unless licensed as a supervised lender. 8.75% legal rate absent a written agreement.
Default Rate 8.75%
Penalty for Exceeding Usury Limit Forfeiture of all interest
Statute of Limitations 6 years
Notarization Required Not required (recommended)
Witness Required Not required
Governing Agency South Carolina Circuit Courts

Verified against official South Carolina usury statutes and South Carolina Circuit Courts guidance. Last reviewed May 2026. How we verify our legal data.

South Carolina usury law is governed by South Carolina Circuit Courts. The maximum allowable interest rate is 12% (No general usury cap for private one-time lenders; a lender regularly in the business of making consumer loans is capped at 12% unless licensed as a supervised lender. 8.75% legal rate absent a written agreement.). Penalties for exceeding the usury limit include: Forfeiture of all interest. The statute of limitations for enforcing a promissory note in South Carolina is 6 years. Notarization is not required but recommended. Our documents are designed to comply with South Carolina law and include all required provisions.

Frequently Asked Questions

What is the maximum interest rate for a promissory note in South Carolina?

South Carolina caps the maximum interest rate at 12% (No general usury cap for private one-time lenders; a lender regularly in the business of making consumer loans is capped at 12% unless licensed as a supervised lender. 8.75% legal rate absent a written agreement.). Exceeding this limit may result in penalties: Forfeiture of all interest. If no rate is specified, the default legal rate is 8.75%. Our documents include a usury savings clause for additional protection.

Does a promissory note need to be notarized in South Carolina?

Notarization is not legally required in South Carolina, but it is strongly recommended. A notarized note is easier to enforce in court and helps verify the identities of all parties. While not required, having 1 witness is recommended.

How much does a South Carolina promissory note cost?

Each promissory note costs $7.99. Choose your note type, fill in your details through our guided form, and download your completed, South Carolina-compliant PDF instantly. Re-download available for 5 days.

What usury laws apply to South Carolina promissory notes?

South Carolina caps interest at 8.75% per year (the legal rate) for contracts that don't specify a rate (S.C. Code §34-31-20). Parties may agree to higher rates in writing - for most commercial transactions, South Carolina courts enforce the contracted rate. Consumer loans are subject to the South Carolina Consumer Protection Code with specific caps. For a negotiable promissory note, South Carolina applies the Uniform Commercial Code six-year period (S.C. Code 36-3-118), longer than its general three-year contract period.

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