A South Carolina promissory note is a written agreement wherein a lender agrees to grant a borrower a loan to be repaid with interest by a specified date. Essential information such as how much money is borrowed, the annual interest, repayment terms, and what should happen in the event of default should all be outlined in this document.

In the event that the borrower defaults on the agreement, they risk losing any collateral that may have been used as “security” in the form. South Carolina has a statute of limitations of three (3) years in which a lender may sue a borrower to collect unpaid dues.