South Carolina Promissory Note Templates

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Updated June 13, 2022

A South Carolina promissory note template is a document completed in conjunction by both a lender and a borrower (of a monetary balance). The documents establish the basics for the transaction, such as dictating the full amount being loaned, the interest rates and when they enter into effect, and how the borrower will pay back the balance to the lender.

Usury Rate – Unsupervised lenders may not charge a rate above 12%. No lender may charge a rate above 18%.

LawsS.C. Code Ann. § 37-3-201

Types (2)

Secured Promissory Note – Includes a section where security is dictated. The item in security is given to the lender if the borrower cannot recover from default to help cover the cost of the unpaid balance. The item put into security should be of similar value to that of the loaned balance.

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Unsecured Promissory Note – Does not include security, adding financial risk to the transaction for the lender. The lender should screen potential borrowers to ensure they have worthy credit.

Download: Adobe PDFMS Word (.docx)OpenDocument




Usury Rate

The legal rate of interest in South Carolina, unless otherwise agreed in writing is 8.75% per year. The maximum rate on a consumer loan of less than $25,000 is 12% per year. SC ST § 37-3-201

(Video) What is a South Carolina Promissory Note?

How to Write –

Step 1 – Begin by downloading the South Carolina note document – Enter:

  • The beginning date of the note in dd/m/yy format
  • The borrower’s name
  • Mailing address
  • AND
  • The Lender’s name
  • Mailing address
  • AND
  • Provide the amount of the principal
  • Enter the remaining sum of the annual percentage rate

Step 2 – Payments – Specify:

  • The amount of the note to be paid by the due date
  • Be certain to include accrued interest on unpaid balance

Installments – Submit the final due date of the note in dd/m/yy format

  • Provide the full amount of the note
  • Submit the principal amount of the note agreement
  • Specify the preferred payment frequency, check the appropriate box
  • Provide the amount required for late payments

Step 3 – Security –

  • Check the box indicating the type of selected note (secured/unsecured)
  • If the note will be“secured,” describe the property

Step 4 – Titled Sections and Subsections –

  • Interest due in the Event of Default
  • Allocation of Payments
  • Prepayment
  • Acceleration (6A – Security)
  • Attorney’s Fees and Costs
  • Waiver of Presentments
  • Non-Waiver
  • Severability
  • Integration
  • Conflicting Terms
  • Notice
  • Co-Signer – Enter the Co-signer’s name (if any)
  • Execution
  • Governing Law – (Governed under South Carolina State Laws)

Step 5 – Signatures – Submit the following:

  • Lender’s signature
  • Submit Signature date in mm/dd/yyyy format
  • Print name
  • AND
  • Borrower’s signature
  • Enter the Signature date in mm/dd/yyyy format
  • Printed name
  • AND
  • Co -Signer’s signature (if any)
  • Signature dated in mm/dd/yyyy format
  • Printed name
  • AND
  • Signature of Witness
  • Signature date in mm/dd/yyyy format
  • Print name