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South Carolina Secured Promissory Note

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Draft a legally legally sound Secured Promissory Note for South Carolina that includes all required terms under South Carolina promissory note law. Fill in your loan details and download your completed, ready-to-sign Secured Promissory Note as a professional PDF.

South Carolina law governs promissory notes with specific usury limits and enforcement rules that secures both lending party and debtor. The usury limit in South Carolina is 8.75% or Federal Reserve rate plus 4%. Lenders have 3 years to file suit to collect on a promissory note in South Carolina. South Carolina law requires 4 specific elements in a valid promissory note.

South Carolina Promissory Note Requirements

Max Interest Rate 8.75%
Rate Details 8.75% or Federal Reserve rate plus 4%
Usury Penalty Forfeiture of all interest
Statute of Limitations 3 years
Notarization Recommended
Witnesses Recommended (1)
Governing Agency South Carolina Circuit Courts
Required Elements Written agreement signed by borrower; Detailed collateral description; Interest rate disclosure; Lien filing if applicable

What to Include in a South Carolina Secured Promissory Note

Every Secured Promissory Note in South Carolina should include the following critical provisions: the full legal names and addresses of both the note holder and borrower, the principal loan amount, the interest rate (which must not exceed 8.75% or Federal Reserve rate plus 4% under South Carolina law), the repayment schedule and due dates, any late payment penalties, the consequences of default, and the governing law clause. Because this is a secured promissory note, you must also describe the collateral in detail, including how it will be valued and the lender's right to seize it upon default.

South Carolina requires the following elements in a valid promissory note: written agreement signed by borrower, detailed collateral description, interest rate disclosure, lien filing if applicable.

How to Complete a South Carolina Secured Promissory Note

To complete a Secured Promissory Note in South Carolina, start by gathering the necessary information: the full legal names and addresses of both parties, the loan amount, the agreed-upon interest rate (must be at or below 8.75% or Federal Reserve rate plus 4% in South Carolina), the repayment terms, and any collateral details if applicable.

Our platform walks you through each section with a guided form tailored to South Carolina requirements. Once you have filled in all details, you can preview the document, choose from five professional document styles, and download your completed Secured Promissory Note as a PDF.

Frequently Asked Questions

Is a promissory note legally binding in South Carolina?
Yes. A properly executed promissory note is a legally enforceable contract in South Carolina. To be binding, it must identify both parties, state the loan amount and repayment terms, and be signed by the borrower. While notarization is not required in South Carolina, it is recommended to add an extra layer of authenticity. Lenders have 3 years to pursue legal action to collect on a defaulted note.
What is the maximum interest rate for a promissory note in South Carolina?
South Carolina imposes a usury limit of 8.75% or Federal Reserve rate plus 4%. Charging interest above the legal limit is considered usury and can result in penalties — in South Carolina, the consequence is: forfeiture of all interest.
Do I need a notary for a promissory note in South Carolina?
Notarization is not required for a promissory note to be legally valid in South Carolina. However, notarizing the document is strongly recommended — it deters forgery claims, simplifies enforcement in court, and makes the note self-authenticating as evidence. Having 1 witness is also recommended.
What happens if the borrower defaults on a promissory note in South Carolina?
If the borrower defaults, the lender may demand immediate repayment of the full outstanding balance, charge any default interest rate specified in the note, and pursue legal action in South Carolina court. Because this is a secured note, the lender may also seize and sell the collateral to recover the outstanding amount. Lenders have 3 years from the date of default to file a lawsuit under South Carolina's statute of limitations for written contracts.
What must be included in a South Carolina Secured Promissory Note?
A valid Secured Promissory Note in South Carolina must include: Written agreement signed by borrower; Detailed collateral description; Interest rate disclosure; Lien filing if applicable. Our platform automatically includes all required elements for South Carolina in your generated document, formatted to meet state standards.

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