Installment Loans in South Carolina
Page last reviewed: October 28, 2026 · Reviewed for accuracy by Betty Walsh
Yes. Licensed South Carolina lenders make installment loans, but above $600 the state sets no fixed rate cap: each supervised lender files the maximum APRs it intends to charge and can't charge more than that.
| Rate cap | None above $600; 18% if the lender hasn't filed its rates |
| Example | $1,000 over 12 months: $100.46 a month at a 36% reference APR |
| $1,000 or less | Equal payments over 37 months at most (25 if $300 or less) |
| Paying early | Pay in full at any time without a penalty |
| You need | ID, proof of income and a bank account |
LendUp isn't a lender. We pass your request to lenders in our network; offers aren't guaranteed, and we may earn compensation if a loan is funded.
Monthly Payments at 12%, 18% and 36%
| APR | $1,000, 12 mo | $3,000, 24 mo | $5,000, 36 mo |
|---|---|---|---|
| 12% | $88.85 | $141.22 | $166.07 |
| 18% | $91.68 | $149.77 | $180.76 |
| 36% | $100.46 | $177.14 | $229.02 |
Worked out at reference rates, since South Carolina sets no fixed cap on these loans. These aren't offers from lenders in our network; a lender's own filed maximum can be lower or much higher.
12% is the most a lender without a supervised or consumer finance license can charge, 18% is the ceiling for a supervised lender that hasn't filed its rate schedule by January 31, and 36% is the federal limit for servicemembers. At 36%, the $3,000 loan costs $1,251 in interest; at 18%, $594.
Supervised lenders must post their maximum rate schedule in each place of business; the law bars them only from charging more than the rates listed. Need $550 or less for a few weeks? See South Carolina payday loan rules.
Supervised Lender or Consumer Finance Company?
| Supervised lender | Consumer finance co. | |
|---|---|---|
| Law | Title 37, Chapter 3 | Title 34, Chapter 29 |
| Loan size | Any amount | Up to $7,500 |
| Price limit | Its filed maximum APRs | Set charges per $100 |
| Longest term | 37 mo up to $1,000 | 60½ mo over $2,000 |
Both are licensed by the State Board of Financial Institutions; banks and credit unions lend under their own rules. A consumer finance company's charges per $100 are set by statute, adjusted for inflation and added to the loan, never taken out up front. Its terms run from 24½ months on $1,000 or less to 60½ months on $2,001 to $7,500.
A supervised lender can't make payday-style loans: unsecured loans of under 120 days repaid from a held check or an account debit.
Late Payments, Renewals and Paying Off Early
- Late charges wait 10 days. A delinquency charge applies only to an installment more than 10 days late, and only once per installment.
- Renewals are limited. A loan of $1,000 or less can't be renewed more than once in 15 months if you get less than 10% of the balance in new cash.
- No attorney's fees on small loans. On loans of $1,000 or less at more than 18%, the contract can't make you pay the lender's attorney's fees.
- No home as security under $1,000. A lien on land for a supervised loan of $1,000 or less is void.
- Credit insurance is optional. The lender must tell you in writing that it isn't required, and you must sign separately to buy it.
- Early payoff. Pay in full at any time without penalty. A minimum charge of up to $15 applies only if your contract includes it.
Three Steps to a South Carolina Installment Loan Request
- Choose an amount and a term you can manage; the table above shows payments at three reference rates.
- Submit one request through LendUp. Lenders in our network review it, and any offer shows the APR, payments and total cost before you sign.
- Ask for the lender's posted maximum rate schedule and compare its APR with any other offer before you sign.
Checking a Supervised Lender License in NMLS
- Search NMLS Consumer Access for the company's legal name or NMLS number.
- Look for an active South Carolina supervised lender license. A consumer finance company holds a separate license from the same Board.
- Each place of business needs its own license, so check the one making your loan, and match the name to your contract.
If a lender charges more than South Carolina allows, you don't owe the excess, you can get back what you paid, and a court can add a penalty of $100 to $1,000. A consumer finance loan made without the required license is void.
Common Questions
How do you qualify for an installment loan in South Carolina?
Each lender sets its own credit and income standards, so approval isn't guaranteed. To request through LendUp you'll need an ID, proof of income and a bank account.
Who will give me a loan when nobody else will?
You can apply again, since each lender decides on its own. But with no fixed cap above $600, a lender that says yes may charge up to the maximum it has filed, so compare the APR.
Is an online installment lender legit in South Carolina?
Check NMLS Consumer Access for an active South Carolina supervised lender license, and match the name to your contract.
What is the interest rate cap on installment loans in South Carolina?
There's no fixed number above $600. A supervised lender can charge up to the rates it files and posts, or 18% a year if it hasn't filed.
How long can a South Carolina installment loan last?
On supervised loans of $1,000 or less, 37 months at most, or 25 months for $300 or less. Consumer finance companies allow up to 60½ months on $2,001 to $7,500.
Can I pay off an installment loan early in South Carolina?
Yes, in full at any time without a prepayment penalty. Your contract may include a minimum charge of up to $15.
Official Sources
General information, not legal advice. Facts on this page were checked against these sources on October 28, 2026.
- S.C. Code Title 37, Ch. 3 - Consumer loans, supervised lenders, title loans
- S.C. Code Title 34, Ch. 29 - Consumer Finance Law (restricted lenders)
- S.C. Code 37-5-202 - Refunds and penalties for excess charges
- S.C. Senate Bill 379 (2025) - Proposed payday repeal, in committee
- CFPB - Military Lending Act