Late Charge
Banking
The fee charged for delinquent payment on an installment loan, usually expressed as a percentage of the loan balance or payment. Also, a penalty imposed by a card issuer against a cardholder's account for failing to make minimum payments.
- — Dictionary of Banking Terms and Phrases
- — Dictionary of Banking Terms and Phrases retrieved 2014-05-16
Personal Finance
The fee charged for delinquent payment on an installment loan, usually expressed as a percentage of the loan balance or payment. Also, a penalty imposed by a card issuer against a cardholder's account for failing to make minimum payments.
- — Pocket Cents Glossary retrieved 2014-05-16
Real Estate
A penalty imposed by the lender when a borrower fails to make a scheduled payment on time.