The South Carolina Promissory Note Template is used to certify that the borrower will pay the loaned money back to the lender. The free promissory note template establishes various terms and conditions that regulate the payments, including:
According to Section 34-31-10 of the state law, all accounts shall be expressed in US dollars. Section 34-31-20 states that the legal interest rate must not exceed 8,75% per annum.
You may access the South Carolina Promissory Note Template on any reliable source page. Still, we advise you to use our form-building software to create the most recent personalized document. To complete the form successfully, follow the simple set of instructions below:
Indicate the date your agreement gains validity.
The loan in full should be provided in US dollars.
The maker (or the borrower) and the holder (the lender) are supposed to write down their full names and residential addresses. Add the amount of usury rate you have agreed upon herein as well.
You can choose several options. If the lender accepts to receive monetary funds every month, indicate so in this section. Transmitting money every quarter may be selected, too. Indicate the amount of money, including the interest rate you wish to receive at a time, and additional information about the amortization schedule (if you establish one). The so-called Maturity Date has to be inserted after that.
The document may be secured or unsecured, depending on the amount of money the lender is owed and the borrower’s agreement to transfer ownership of the property mentioned in this section if they fail to provide the payment and late fees. The lender affirms to cease the lien right upon repayment.
Even if you reside out of South Carolina, this state’s laws control the document creation as long as the agreement is signed and witnessed here.
An adult witness should append their signature to confirm that the contract has been executed willfully and voluntarily. Both the maker and the holder should provide their titles and names.