What does Late Charge mean?

A fee assessed when a borrower does not make a payment by the due date. Late charges can be assessed for any type of payment, including mortgage payments, rent payments, and credit card payments. The amount of the late charge can vary depending on the loan or agreement, and can be a flat fee or a percentage of the unpaid amount.

Related Terms

Acknowledgment Vacancy and Credit Losses Standard Payment Calculation Construction Budget Fair Credit Billing Act Note Rate Lease-purchase Option Oral Agreement Blighted Area Adjustable-rate mortgage Delinquent Mortgage Knob-And-Tube Wiring Annuity Acre Parking Strip Adverse Use Maximum Financing Settlement Statement