South Carolina maximum interest rate is the answer to “maximum interest rate allowed by law in South Carolina”. This guide gives the South Carolina figures in a dated table, explains in plain words what they mean, walks through the steps, and points to the official forms and free help.
The South Carolina maximum interest rate figures on this page were verified against a dated 50-state compilation and South Carolina sources as of October 2026; the statute named here is where to check them yourself.
South Carolina maximum interest rate at a Glance
| Legal rate when no rate is agreed | 8.75% per year |
| Statute | S.C. Code 34-31-20 |
In This South Carolina maximum interest rate Guide:
What the South Carolina Maximum Interest Rate Means
Usury means charging more interest than state law allows. The legal rate is the default. It applies only when no rate was agreed, or when a contract or judgment just says “the legal rate.” The contract limit works differently: under S.C.
Code 37-10-106, a loan with no written contract is generally capped at 6% a year, but a written contract may set a higher rate, subject to other parts of the Consumer Protection Code.
The South Carolina maximum interest rate Figures
| Rule | Bonus Bank Daily verified figure |
|---|---|
| Legal rate when no rate is agreed | 8.75% per yearcompilation / agency — verified Oct 2026 |
| Statute | S.C. Code 34-31-20compilation / agency — verified Oct 2026 |
The South Carolina maximum interest rate figures on this page were verified against a dated 50-state compilation and South Carolina sources as of October 2026; the statute named here is where to check them yourself.
Who the South Carolina Maximum Interest Rate Applies To
Most consumer lenders and sellers on credit in South Carolina may charge more than 18% APR only if they first file a maximum rate schedule with the S.C. Department of Consumer Affairs (S.C. Code 37-2-305 and 37-3-305). Banks chartered in other states and national banks can usually charge the rate allowed in their home state under federal law.
Credit card issuers are usually national or out-of-state banks, so the same federal rule applies to them.
Credit Cards and the South Carolina Maximum Interest Rate
Most credit cards come from national banks or banks chartered in another state. Federal banking law lets these banks charge the interest rate allowed in their home state, even when the cardholder lives in South Carolina. So a card rate above South Carolina’s limits is usually still legal.
What Happens When a Lender Breaks the South Carolina Maximum Interest Rate
When a loan breaks the cap, the borrower may be able to recover the excess interest or more, depending on the statute, and charging above a criminal threshold can be a crime.
How to Check a Loan Against the South Carolina Maximum Interest Rate
1) Find the APR in the Truth in Lending disclosure box on your loan papers. 2) Check whether you have a written contract, and note what kind of lender it is (bank, licensed consumer lender, or store financing). 3) If the APR is above 18%, check whether the lender filed a maximum rate schedule with the Department of Consumer Affairs.
4) Confirm the result with the statute, the Department, or an attorney.
💰 Get Free Bonus Alerts
Free · No spam · Unsubscribe anytime
Where to Report a Loan Above the South Carolina Maximum Interest Rate
The S.C. Department of Consumer Affairs receives maximum rate schedule filings from consumer creditors and takes consumer complaints at consumer.sc.gov. You may also file a complaint with the federal Consumer Financial Protection Bureau at consumerfinance.gov/complaint.
Common Mistakes With South Carolina maximum interest rate
The most common mistake is missing a deadline: court and creditor deadlines run whether or not you have read the papers, and a missed one usually cannot be undone. The second is relying on an old article or a friend’s experience in another state — the rules on this page differ from state to state and change often, which is why every figure here is dated.
The third is not keeping copies: every letter, form, receipt and bank statement may matter later, so keep them together and note the date you received each one.
Free Help With South Carolina maximum interest rate in South Carolina
You do not have to handle this alone or pay to get answers. The South Carolina court self-help center explains the forms and the steps, and court clerks can tell you where and how to file, although they cannot give legal advice.
Legal aid organizations represent many people at no cost when income is limited, and the South Carolina bar’s lawyer referral service can connect you with a lawyer for a low-cost first consultation. The Consumer Financial Protection Bureau accepts complaints about lenders, banks and debt collectors nationwide.
How We Verify the South Carolina maximum interest rate Figures
Every figure in the table above comes from our 50-state data file, built by reading the South Carolina statute or an official compilation of it, and each one carries the month we last checked it. Our writers do not change those figures; they explain them. When the law changes, the figure is updated and the date moves.
If something on this page no longer matches the statute, the statute controls — and we want to hear about it.
South Carolina generally doesn’t set one fixed interest cap for consumer loans. Instead, a creditor that wants to charge more than 18% APR must file a maximum rate schedule with the Department of Consumer Affairs by January 31 each year and post it. A website that makes consumer loans counts as a South Carolina location for this filing. The courts require strict compliance with these filing rules.
Next rung: the South Carolina payday loan page covers the short-term loans that have their own caps.
South Carolina — the bottom line
- South Carolina maximum interest rate rules set two numbers — the legal rate and the written-contract cap — both in the table above.
- Many lenders sit outside the South Carolina maximum interest rate cap by license or charter, so check which rule covers your loan.
- If a loan breaks the South Carolina maximum interest rate rules, keep the agreement and report it to the state regulator.
South Carolina Maximum Interest Rate FAQ
What is the maximum interest rate allowed by law in South Carolina?
Without an agreement: 8.75% per year.
Official South Carolina Sources & Resources
- Statute and the Conference of State Bank Supervisors 50-state usury survey (verified by each state regulator) — maximum legal interest rate: https://www.csbs.org/50-state-survey-consumer-finance-laws
- Statute and the Conference of State Bank Supervisors 50-state usury survey (verified by each state regulator) — maximum legal interest rate: https://facts.csbs.org/consumer-finance-law/dev
- South Carolina statute / opinion: https://www.scstatehouse.gov/code/t37c010.php
- South Carolina Department of Consumer Affairs, Registered Creditor Maximum Rate Schedule Filing Instructions: https://www.consumer.sc.gov/sites/consumer/files/Documents/Business%20Resources%20Laws/Business%20Education/RC_Filing_Instructions_2023.pdf
- Consumer Financial Protection Bureau: consumerfinance.gov
This South Carolina maximum interest rate guide was last verified against official South Carolina sources in October 2026. Rules change — confirm the current rule with the statute or a licensed attorney.
More South Carolina Money Rights Guides
- South Carolina Payday Loan Laws
- South Carolina Judgment Expiration
- Money Rights Guides for All 50 States
Disclaimer: This guide is general information, not legal or financial advice. Bonus Bank Daily is an independent educational resource — not a law firm, not a bank, not a debt collector and not a government agency. Judgment, levy, interest-rate and debt rules change — every figure here carries the date we verified it.
Confirm the current rule with the statute, the court clerk or a licensed attorney in your state before you act.