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.

References in periodicals archive ?
If the total basis of his claim is that you have failed to pay these late charges, again, I doubt a judge would order an eviction on that basis alone.
According to Director Admissions Syed Ziaul Hassain, applications for Matric program will be received with late charges of Rs.200/-, CT and FA/BA Rs.400 and B.Ed and all postgraduate programs Rs.1000/-.
According to Director Admissions, applications for Matric programme has been received with late charges of Rs.100/-, CT and FA/BA Rs.200 and B.Ed and all postgraduate programs Rs.500/-.
Summary: ABU DHABI -- Late charges and fines will be levied on nationals who have not registered or renewed their ID cards by October 31 this year, while expatriates in different emirates face penalties in phases from December 1, the Emirates Identity Authority (EIDA) said on Wednesday.
It said this ensures non accumulation of late charges which in turn leads to automatic programmed cut-off of phone lines.
Late charges may or may not amount to a large figure in any given case, but across a broad portfolio they add up.
IT IS high time that the banks were brought to heel for their grossly excessive late charges.
Each municipality has its peculiarities as to acceptable billing practices, late charges, and accrual of arrears.
The suit alleges Whitbeck failed to make good on a mortgage involving $164,904 in principal, interest and late charges. The loan is secured by a four-unit apartment building at 1501 Cantrell Road near the Dillard's Inc.
Challender apparently was billed for late charges accrued since 1900."
In the March 1992 issue of Business Credit, I published an article on collecting late charges This began as what I jokingly refer to as my "15 minutes of fame," which is promised us all according to the late Andy Warhol.