Banks and credit unions are two of the most common sources of consumer and business loans. These loans may be secured or unsecured, and may take the form of home mortgages, home equity loans, installment loans (loans repaid in monthly installments), auto loans, student loans, and credit cards.

In South Carolina, banks and credit unions are regulated entities that provide various types of loans to consumers and businesses. These loans can be either secured, with collateral such as property or a vehicle, or unsecured, without collateral. Home mortgages and home equity loans are secured by the borrower's property. Installment loans, which are repaid over time in fixed monthly payments, can be used for personal, auto, or other types of purchases. Auto loans are typically secured by the vehicle being purchased. Student loans can be federal or private, with different terms and conditions. Credit cards represent a form of unsecured revolving credit, where the borrower has a limit they can spend and is required to pay back the borrowed amount plus interest. South Carolina state statutes and federal laws, including the Truth in Lending Act (TILA) and the Equal Credit Opportunity Act (ECOA), provide regulations on disclosure, fairness, and consumer protection in lending practices. Borrowers in South Carolina are advised to understand the terms and conditions of any loan agreement and to be aware of their rights under these regulations. An attorney specializing in financial law can provide specific guidance and assistance.