Promissory Note in South Carolina

A written promise to repay a personal loan, with the amount, interest and payment schedule. States limit how much interest a lender can charge; check your state's rules below before you set the rate.

What South Carolina law says

Maximum interest rate (usury limit)	When no rate has been agreed, the legal rate on accounts stated and other sums due is 8.75% a year. A general cap of 6% a year applies to contracts made in South Carolina, but it does not apply to written contracts in which the parties expressly agree to a rate, unless another law provides otherwise. Chapter 37-10: https://www.scstatehouse.gov/code/t37c010.php Source: S.C. Code §§ 34-31-20(A), 37-10-106(1)
Time limit to sue on a written contract	3 years for an action on a contract, obligation or liability, express or implied (written or oral). Instruments under seal are excepted. Source: S.C. Code 15-3-530(1); 15-3-520

Maximum interest rate (usury limit)

When no rate has been agreed, the legal rate on accounts stated and other sums due is 8.75% a year. A general cap of 6% a year applies to contracts made in South Carolina, but it does not apply to written contracts in which the parties expressly agree to a rate, unless another law provides otherwise.

Chapter 37-10: https://www.scstatehouse.gov/code/t37c010.php

Source: S.C. Code §§ 34-31-20(A), 37-10-106(1)

Time limit to sue on a written contract

3 years for an action on a contract, obligation or liability, express or implied (written or oral). Instruments under seal are excepted.

Source: S.C. Code 15-3-530(1); 15-3-520

Fill it in

Nothing you type leaves your browser. Replace anything still highlighted, and keep a signed copy.

PROMISSORY NOTE

Amount: $[principal amount] Date: [date] Place: [city, state]

For value received, [borrower name], of [borrower address] ("Borrower"), promises to pay [lender name], of [lender address] ("Lender"), the sum of $[principal amount], with interest at [rate]% per year.

Payments: [e.g. $[amount] per month starting [date] until paid in full / one payment of the full amount on [due date]].

Late payment: [late fee or 'none']. Prepayment: Borrower may prepay all or part at any time without penalty.

If Borrower misses a payment for [number] days, Lender may [declare the full balance due].

Borrower signature: ____________________ Date: [date]

[Co-signer signature, if any] [Notary acknowledgment, if you choose to use one]

Promissory Note for other states · South Carolina tenant rights

General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.