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late charge

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Late charge
A fee a credit grantor charges a borrower for a late payment.

Late Charge
A fee that a creditor assesses on a debtor when the borrower makes a late payment. For example, suppose a student loan carries a monthly payment of $150 and is due on the last day of each month. If the borrower does not pay the full $150 on the due date (or within a certain grace period), the lender may assess a $15 late charge. Late charges may occur with loans or other liabilities, such as a rent payment.

late charge

A fee to compensate a lender for the additional administrative expenses and general inconvenience suffered when payments are not received on time.If the late charge is excessive,the courts will construe it as a penalty,and penalties are illegal. Many industries have had to reduce their customary late charges because of class-action litigation resulting in millions of dollars of refunds and reimbursement for attorneys' fees.



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I paid half of it prior to the due date and the remaining balance about two days after the due date and got hit with a late charge.
Pepperdine 68, Saint Mary's 66: Kingsley Costain scored 18 of his 22 points in the first half and visiting Pepperdine (6-16, 2-4 WCC) withstood a late charge to upset Saint Mary's (12-10, 4-2).
At MBNA, a customer incurs a late charge only if the payment is not posted by the day after the due date, so a payment that meets the above criteria and arrives at any time on the due date will be considered on time.
 
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