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S.C. Code Ann. § 37-3-106 – "Loan" defined | Midpage
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South Carolina Code of Laws
Title 37
Chapter 3
§ 37-3-106
S.C. Code Ann. § 37-3-106
"Loan" defined
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"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.