The additional amount due to a lender when a payment is not paid by the borrower within the agreed upon grace period. This charge will be equal to 5% of the total payment amount due, and will be assessed after a grace period of 15 days.
The additional amount due to a lender when a payment is not paid by the borrower within the agreed upon grace period. Typically the late charge amount will be a percentage of the late payment amount and will become due after a certain grace period has passed.
A charge assessed against a tenant for failing to pay rent when due. A Late Charge is typically a one-time charge calculated as a specific dollar amount or a percentage of the amount due. In addition to or in lieu of a Late Charge, a lease may contain an interest provision, whereby the tenant is required to pay a specified interest rate on the amount due from the due date until the date paid. EXAMPLE: ABC Tenant's lease allows the Landlord to charge a) a Late Charge equal to 5% of the amount due for any Rent unpaid for greater than 5 days from the due date; and b) Interest equal to the current Prime Rate plus 2% for any unpaid Rent from the date due until the date paid. ABC failed to pay it's Base Rent of $10,000 which was due on March 1st until March 21st. On the next rent invoice to ABC, the Landlord included a Late Charge of $500 for March rent and an Interest charge of $54.79, assuming a Prime Rate of 8% (calculated as $10,000 x 10% x 20/365).
A penalty you will have to pay if you do not make your loan payment on time. This usually is calculated as a percentage of the payment amount or a minimum dollar amount, such as 5% of the late payment, or $25.
Late fee (charged to borrowers). If your monthly payment is 15 days late, you'll be charged $15 or 5% of that month's payment, depending on the borrower's state lending limits. For example, if your monthly payment is $100 and your payment was 15 days late, your payment amount would be $115. Late fees are passed on to lenders; Prosper does not profit from late fees.
Penalty for failure to pay an installment payment on time. Usually not allowed as interest for tax deductions. Mayor may not be included as usury. If not, the amount of the late charge is either set by statute or must be reasonable.
A late charge is a fee that is charged if a mortgage payment is received late. A late charge can be steep - as much as 5 percent of the amount of your mortgage payment. Ouch! Get those payments in on time
A penalty assessed by the leasing company for failing to make a monthly lease payment in full by the due date. Some leasing companies include a specified grace period following the due date, during which no late charge will be assessed if the payment is received during that timeframe.
A fee charged or assessed for a payment not made or made subsequent to a contractual due date; a late charge often perceived as a fee earned by the “late charge” assessor for the grace period that is allowed from the date the payment was due until the late payment constitutes a default.
A penalty assessed a borrower should a payment not be made within the time allowed following the payment's due date. There is often a grace period (typically 15 days) following the payment's due date in which a payment may be late without incurring any Late Charges.