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Rates and rules

South Carolina Loan Rates and Rules

Who regulates consumer lending in South Carolina, how rates are set, and how to check a lender and its rate before you borrow. For new requests SET Financial is not the lender: it connects South Carolina residents with third-party lenders who set all rates and terms.

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This page is general information, not a rate quote. Not everyone who applies will be matched or approved.

Who regulates consumer lending in South Carolina

In South Carolina, any lender that charges more than 18% APR must file a Maximum Rate Schedule with the South Carolina Department of Consumer Affairs and post it at its place of business. That filing states the highest APR the lender may charge, broken out by loan category.

Regulator: South Carolina Department of Consumer Affairs.

How to check a lender before you borrow

Before you accept an offer, you can ask a lender for its filed maximum rate and confirm its license is active. The APR and total repayment amount printed on your own signed loan agreement are what actually govern your loan.

Many consumer lenders are also listed on NMLS Consumer Access, a national database you can search for free to confirm a company's license status and history.

Search NMLS Consumer Access

The four numbers to compare on any offer

A regulator's rules tell you about the lender. These tell you about the loan. Whoever you borrow from, and whether or not you use this site, compare offers on the same four things:

  • APR. The annualized cost including most fees. It is the only number that lets you compare two different loans honestly.
  • Total repayment amount. Principal plus every finance charge over the full term. A lower monthly payment stretched longer often costs more overall.
  • Term and payment schedule. How many payments, how often, and the exact due dates measured against when you actually get paid.
  • Fees and prepayment terms. Origination, late, and returned-payment fees, and whether paying the loan off early saves you interest.

Your loan agreement is the number that governs

Federal Truth in Lending rules require the lender to disclose the APR, finance charge, amount financed, and total of payments on the loan agreement before you sign. Any rate you see in marketing, including on this site, is general information. The figures on your own signed agreement are what actually apply to your loan.

Common questions about South Carolina rates

What interest rate will I pay?

SET Financial does not set rates. In South Carolina, lenders charging over 18% APR file a Maximum Rate Schedule with the Department of Consumer Affairs. Your actual APR is disclosed by the lender on your loan agreement before you sign.

Does getting connected cost anything?

No. SET Financial does not charge you to be connected with lenders. Any loan costs are set and disclosed by the lender you choose to work with.

This page is general information about South Carolina lending rules, not legal or financial advice, and it is not a rate quote. Rules change; confirm anything that matters to your situation with the South Carolina Department of Consumer Affairs or a qualified advisor. SET Financial is not the lender on new requests and does not set the rates, fees, terms, or approval decisions of the third-party lenders in its network.

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