Is it legal to charge 73% per day late charge on past due rent?

Full question:

Is it legal to charge 73% per day late charge on past due rent? I was ill and this is what I was charged from day one. Also, how long is a lease good for if it does not state the length?

• Category: Landlord Tenant
• Date: 04/07/2025
• State: South Carolina

Answer:

Every person other than the owner of real estate, excepting a domestic
servant and farm laborer, using or occupying real estate without an
agreement, either oral or in writing, shall be deemed a "tenant at will"
Unless the rental agreement fixes a definite term, the tenancy is week to
week in case of a roomer who pays weekly rent and in all other cases
month to month. Title 27, Chap. 40, §27-40-310

"Rent" means the consideration payable for use of the premises including
late charges whether payable in lump sum or periodic payments, excluding
security deposits or other charges. A lease may specify that a certain rate of
interest is to be charged on rent which is due and unpaid. However, a
statute may limit what rate of interest may be charged, even though the
lease may call for a higher amount. We are unable to find a South Carolina
statute that limits the rate of interest on late rental payments. However, the
maximum interest rate on a judgment in South Carolina is 14%.