Dictionary of Banking Terms: late charge
late charge
penalty assessed for delinquent payments on a mortgage or installment loan after a grace period of 10 to 15 days has elapsed. A loan payment due on the first of the month is subject to a penalty if not paid by the 15th day of the month. Late fees are calculated as a percentage of the outstanding balance, and, if unpaid, usually are excluded from the loan interest due.
Dictionary of Business Terms: late charge
late charge
fee charged by a lender when the borrower fails to make timely payment.
Dictionary of Finance and Investment Terms: late charge
late charge
fee charged by a grantor of credit when the borrower fails to make timely payment.
