This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.

Payment Plan Math in South Carolina

South Carolina law sets a maximum interest rate of 21% for written payment plans under S.C. Code Ann. § 34-31-20. This statute governs the lawful charge a creditor may apply to an installment or deferred-payment agreement. The rate is a ceiling, meaning no lender or seller may contract for or collect interest above that percentage on such plans. The formula for calculating the actual finance charge depends on the principal amount and the payment schedule, with the statute providing the precise method. The worked example below illustrates how the 21% cap applies to a typical arrangement. For an estimate tailored to your specific terms, use the DocketMath calculator.

Governing authority

In South Carolina, the payment plan math rule is set by S.C. Code Ann. § 34-31-20. The verified packet cites S.C. Code Ann. § 34-31-20 (https://www.scstatehouse.gov/code/t34c031.php).

South Carolina payment plan math: the verified value is 21% under S.C. Code Ann. § 34-31-20. The verified packet cites S.C. Code Ann. § 34-31-20 (https://www.scstatehouse.gov/code/t34c031.php).

Estimate your own result: every situation has exceptions that can change the outcome. Use the payment plan math calculator to estimate your specific figure.

This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.