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 ?
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.
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.
MY WEEK Punting high Nabbing the early 12-1 about Golden Stream at Ascot on Saturday and backing Headford View each-way Punting low Getting far too excited as Headford View came with her late charge, and Mister Hardy narrowly failing to land the place part of the each-way treble.
She took a couple of lengths out of her rivals on the turn for home and although Mine That Bird came with a late charge, Rachel Alexandra kept up the gallop to take the glory by a length.
JOE ALLEN believes Swansea City can repeat Hull City's success of last season by making a late charge for the Championship play-offs.
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.
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).
Stef Liddiard's 11-2 shot had to overcome an unfavourable draw in stall 11 of 13 but Ahern produced the colt with a late charge to lead on the post.
Credit is deserved for the ten-man rearguard action that thwarted Liverpool's late charge, particularly Gareth Southgate's leadership under immense pressure.