late charge

Late charge

A fee a credit grantor charges a borrower for a late payment.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
By posting a big six-stroke lead on a late charge in wet conditions Friday, Pagunsan just went through the motions in the last 18 holes.
Away wins are key to late charge for the play-off spots WOLVERHAMPTON look to boost their outside speedway Premiership play-off chances with a positive result at Swindon on Thursday (7.30pm).
Knights ward off Generals' late charge !-- -- Joey Villar (The Philippine Star) - May 21, 2019 - 12:00am MANILA, Philippines Letran edged Emilio Aguinaldo, 79-77, and then watched Far Eastern University stun erstwhile solo leader Lyceum of the Philippines University, 86-78, yesterday to regain the top spot in Group B in the Filoil Flying V Preseason Cup at the Filoil Flying V Centre in San Juan City.
Hamilton attempted a late charge for victory, but Bottas had enough in his pocket to take the chequered flag and move one point clear of the Brit in the title standings.
Kim, who placed 13th in the 16-player match play cast, built a two-hole cushion after nine holes then thwarted top ranked and last year's champion Carl Corpus' late charge to pound out a 2-1 triumph in their semifinal clash.
TIGER WOODS survived a sliding tackle from a security guard before staging his own late charge at the Masters.
Our condominium bylaws provide that if an owner is in default for 30 days, the association may assess a late charge of 4 percent of the outstanding assessment and charges for each month, or part thereof, that there is a balance on the owner's account.
EJ Casintahan anchored RPV-1's late charge scoring 32 points on a four-over 76 having three birdies on holes 7, 9 and 16 and 10 pars.
In the baking South African heat, Connacht held off the home side who came with a late charge following Shaun Venter's try seven minutes from time.
There's nothing like a late charge from Tiger Woods to juice the ratings of a major golf tournament.
Sagan held off a late charge from Sonny Colbrelli to win from a reduced sprint after a big crash in the final two kilometres held up the peloton.
Verstappen, who started fourth, held off a late charge from Kimi Raikkonen in the other Ferrari to celebrate his fourth career victory and first of the season by 1.5 seconds.