Personal Installment Loans in South Carolina
Primo Personal Loans is a direct lender serving South Carolina residents, including Charleston, Columbia, and Greenville. Apply online in minutes for a personal installment loan of up to $7,500, get a decision the same business day, and repay on a fixed schedule you know before you sign.
South Carolina installment loans at a glance: Personal installment loans are legal in South Carolina and regulated by the South Carolina Board of Financial Institutions under SC Code § 34-29-140. You can borrow up to $7,500 and repay over a term of up to 5 years, with rates capped at 25% on loans ≤$600; 18% on $601-$1000; 12% on $1001-$2000; 9% on $2001-$7500. There is no prepayment penalty, so paying the loan off early reduces what you owe, and lenders must disclose the full APR and payment schedule before you sign. South Carolina also allows payday loans.
Rules current as of July 2026.
Personal Installment Loan Rules in South Carolina
South Carolina caps APR in tiers by loan amount — the full schedule is in the table below.
Governing law: SC Code § 34-29-140
Rates & Terms for Personal Installment Loans in South Carolina
Personal installment loans in South Carolina have tiered APR caps based on loan amount: 25% on loans up to $600, 18% on $601-$1,000, 12% on $1,001-$2,000, and 9% on $2,001-$7,500 (SC Code § 34-29-140(a)). Loans must not exceed $7,500 and can have terms up to 60.5 months. A license is required under the Consumer Finance Law.
APR Tiers by Loan Amount in South Carolina
Unlike flat-rate states, South Carolina law sets different maximum APRs depending on how much you borrow. Smaller loans may carry higher rates; larger loans are typically capped at a lower APR. The table below reflects the statutory maximums — lenders may charge less.
| Loan Amount Range | Max APR | Statutory Basis |
|---|---|---|
| Up to $150 | See state law | SC Code § 34-29-140(a)(1) |
| $151 – $600 | 25% max APR | SC Code § 34-29-140(a)(2) |
| $601 – $1,000 | 18% max APR | SC Code § 34-29-140(a)(2) |
| $1,001 – $2,000 | 12% max APR | SC Code § 34-29-140(a)(2) |
| $2,001 – $7,500 | 9% max APR | SC Code § 34-29-140(a)(3) |
APR tiers set by South Carolina law. Your exact rate depends on loan amount and lender.
What a Personal Installment Loan Costs in South Carolina
| Loan Amount | Term | APR (est.) | Total Interest | Total to Repay |
|---|---|---|---|---|
| $1,000 | 24 months | 18% | $196 | $1,196 |
| $5,000 | 24 months | 9% | $486 | $5,486 |
| $7,500 | 24 months | 9% | $729 | $8,229 |
South Carolina Code § 34-29-140 sets tiered finance charges based on loan amount: 25% APR for loans up to $600, 18% for $601-$1000, 12% for $1001-$2000, and 9% for $2001-$7500. The lender must provide a Truth-in-Lending disclosure showing the exact APR before signing.
What South Carolina Residents Should Know
South Carolina residents should be aware that personal installment loan rates vary by loan amount, with APRs ranging from 9% to 25% depending on the principal (SC Code § 34-29-140).
Consumer Protections in South Carolina
Consumers in South Carolina are protected by regulations that prohibit loan renewals more than once in 15 months if the cash advance is less than 10% of the outstanding balance. Prepayment penalties are not allowed, and unearned charges must be refunded upon prepayment (SC Code § 34-29-140).
Prohibited Practices
- Splitting of loan prohibited
- Loans to purchase real estate prohibited
- Confession of judgment void
- Excessive charges penalties
Required Disclosures
- Written statement disclosing terms of contract
- Receipts for payments
- Return of note on payment in full
- Disclosure of insurance deductions
Debt Collection Rules
- Criminal prosecution for non-payment: not permitted
Prepayment & Refinancing Rules in South Carolina
Understanding your repayment flexibility is important when choosing a personal installment loan in South Carolina.
- No prepayment penalty — South Carolina law prohibits lenders from charging fees for early repayment of a personal installment loan.
- Refinancing rules: Refund of unearned charges required upon prepayment
- Loan flipping restrictions: No renewal more than once in 15 months if cash advance <10% of outstanding balance
Federal Consumer Protections for Installment and Payday Loan Borrowers
| Federal Law | What It Gives You | Citation |
|---|---|---|
| Truth in Lending Act / Regulation Z | Regulation Z protects consumers by requiring clear disclosure of key credit terms and costs. | 15 U.S.C. § 1601 et seq.; 12 CFR Part 1026 |
| Military Lending Act | The MLA caps the annual percentage rate at 36% for loans to active duty service members and their dependents. | 10 U.S.C. § 987 |
| Fair Debt Collection Practices Act / Regulation F | Regulation F governs the practices of debt collectors, prohibiting abusive, deceptive, and unfair practices. | 15 U.S.C. § 1692; 12 CFR Part 1006 |
| Fair Credit Reporting Act / Regulation V | Regulation V ensures accuracy and privacy of consumer credit information held by credit reporting agencies. | 15 U.S.C. § 1681; 12 CFR Part 1022 |
| Equal Credit Opportunity Act / Regulation B | Regulation B prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, or age. | 15 U.S.C. § 1691; 12 CFR Part 1002 |
| CFPB UDAAP authority | The CFPB can take action against unfair, deceptive, or abusive acts or practices in consumer financial products or services. | 12 U.S.C. § 5531, 5536 |
These federal protections apply in all 50 states regardless of state law. They set a baseline floor of consumer rights.
Full detail on each of these six federal protections, including what your lender must disclose before you sign and the 36% rate cap that applies to active-duty service members.
Federal Payday Lending Rules That Apply in South Carolina
Federal regulations, such as those from the CFPB and the Military Lending Act, apply in addition to state laws, providing an additional layer of consumer protection.
South Carolina Installment Loan Rules: FAQ
Yes. Personal installment loans are legal in South Carolina and regulated under SC Code § 34-29-140. Lenders must hold a state license to make these loans. A licensed lender has to follow the state's limits on rates, loan size and fees, and disclose your APR, finance charge and full payment schedule before you sign.
South Carolina sets its installment loan rate ceiling by loan size rather than with one flat cap: 25% on loans ≤$600; 18% on $601-$1000; 12% on $1001-$2000; 9% on $2001-$7500 under SC Code § 34-29-140. Which tier applies depends on how much you borrow, and a lender may charge less than the maximum. The exact APR has to appear in your loan agreement before you sign.
In South Carolina, a licensed lender may write a personal installment loan of up to $7,500 under SC Code § 34-29-140. Individual lenders often approve less than the state maximum based on your income and credit profile. Borrow only what the monthly payment leaves you able to cover.
South Carolina allows personal installment loan terms of up to 5 years (1,825 days) under SC Code § 34-29-140. You repay in fixed scheduled installments rather than one lump sum, so a longer term lowers the monthly payment but increases the total interest you pay.
Yes, and without a penalty. South Carolina law does not allow a lender to charge a prepayment penalty on a personal installment loan under SC Code § 34-29-140. Paying ahead of schedule cuts the interest you owe, because interest accrues on the balance you still carry.
South Carolina caps loan fees separately from interest under SC Code § 34-29-140. Origination fee: 7% of cash advance or $56, whichever is lesser. Late fee: 5% of installment; min $5. Anything a lender charges beyond these has to be itemised in your agreement, so compare the total finance charge and not just the advertised rate.
South Carolina sets specific rules for refinancing a personal installment loan under SC Code § 34-29-140: Refund of unearned charges required upon prepayment. It also restricts repeat refinancing, or loan flipping: No renewal more than once in 15 months if cash advance <10% of outstanding balance. Refinancing restarts the interest on a new balance, so confirm the new total cost before agreeing to one.
Yes. Alongside installment lending, South Carolina permits payday loans under S.C. Code Ann. § 34-39-110 et seq. A payday loan there is capped at $550 and a term of up to 31 days. Rollovers are not permitted. A payday loan is a single lump-sum repayment tied to your next pay date, which makes it a different and usually far more expensive product than an installment loan repaid over months.
