For PC users, save files are usually located within the user's "Documents" folder, similar to the file structure seen in Torchlight 2
Once loaded, the editor will display a tree of variables. Here is what each tab usually does: Torchlight 3 Save Editor
Developer Echtra Games (now part of Zynga) has never issued a permanent hardware ban for save editing. The worst-case scenario is a of your character. Because the game is not competitive PvP (brawling exists but is niche), the risk is minimal. However, using a save editor to farm "Guild Marks" to boost your guild leaderboard standing could be considered a violation of the ToS. For PC users, save files are usually located