Payment Period

Payment Period

The period over which the borrower is obliged to make payments.

On most mortgages, the payment period is a month but on some it is biweekly. It is not necessarily the same as the Interest Accrual Period.

References in periodicals archive ?
This initiative is aimed at easing the burden on owners of vehicles in paying for their fines and fees of seasonal parking cards through offering them longer payment period with no interest.
The average payment period in the first half of 2017 was 99 days, compared to 82 days in 2016 and 66 days in 2015
29 per cent coupled with an ext-ended seven-year payment period, while a zero per cent interest rate has been announced for loans up to two years.
Summary: Falcon Group has announced a partnership with Aptec, an Ingram Micro company, to offer extended payment terms to its resellers, above and beyond its current payment period.
Part of the improvement reflected the fact that $42 billion in benefit checks were sent out in December because the regular payment period fell on a weekend, AP reported.
If the parties have agreed on a date or a payment period, a creditor may request interest for late payment, which begins one day after the originally agreed payment date.
If they insist on too long a payment period said the source it could mean UAE businesses may turn cautious.
The bank told CNA that borrowers had been given the choice of an immediate reduction in their repayments, or the benefit could be offset to shorten the payment period of the loan.
While the cross-checks required will prevent full payments in December 2015, she said the Welsh Government will be making substantial part payments as early in the payment period as possible.
In practice, this means that the cost basis is simply recovered pro-rata over the expected payment period.
The company added the fourth Trust distribution in 2013 relates to net profits generated during the third quarterly payment period of 2013.
5 percent and a payment period of eight years with a two year grace period.