late charge

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 ?
Benilde's late charge for a 25-21, 25-20, 17-25, 25-19 victory t in the Premier Volleyball League Collegiate Conference at Filoil Flying V Center Wednesday.
Summary: DUBAI, United Arab Emirates -- Daddy Long Legs has won the $2 million UAE Derby, holding off a late charge from Yang Tse Kiang to give trainer Aidan O'Brien at least one victory Saturday.
There was a thrilling finish to the 1m4f Listed Pontefract Castle Stakes as Distant Memories held off the late charge of Ted Spread to score by the narrowest margin of a nose.
Summary: Sebastian Vettel held off a determined late charge from Lewis Hamilton to continue his stunning start to the Formula One season.
CELTIC striker Gary Hooper has been challenged to make a late charge for the England Under-21 squad for this summer's Euro 2011 championships when he makes his international debut this week.
HEAD coach Rob Moffat felt an overdue piece of luck helped his Edinburgh side hold off a late charge from Castres to secure their first Heineken Cup win of the season at an empty Murrayfield.
KEVIN DOYLE suffered the heartache of relegation on the final day with Reading in 2008 thanks to Fulham's late charge.
Former two-time British Touring Car champion Menu is something of a specialist at the Kent circuit, having won at the track in each of the past three years, and again showed his class yesterday as Chevrolet produced a late charge to stun the BMWs, which had bossed the earlier practice sessions.
And Mixu has pledged to stick to the same philosophy as he masterminds a late charge for a Euro place.
He picked up well when asked by Jimmy Fortune but had no answer to the late charge of Marchand D'Or, who came widest of all under Davy Bonilla.
Hirvonen held off the late charge of fellow Finn Gronholm who was making the most of defending world champion Sebastien Loeb's problems.
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.