"Loan" defined.

S.C. Code Ann. § 37-3-106
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
"Loan" includes: (1) the creation of debt by the lender's payment of or agreement to pay money to the debtor or to a third party for the account of the debtor; (2) the creation of debt by a credit to an account with the lender upon which the debtor is entitled to draw immediately; (3) the creation of debt pursuant to a lender credit card or similar arrangement; and (4) the forbearance of debt arising from a loan.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.scstatehouse.gov/code/t37c003.phpFetched: 10/17/2026

Starting a business in South Carolina? South Carolina LLC guide: costs and requirements