Loans Glossary - Late Charge

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Loans Glossary

Late Charge

What is a Late Charge?

Late Charge happens when the customer is late or misses a payment, then the creditor can issue a late charge which has to be payed usually in 15 days.

For example you have a loan and you miss your payment date, the creditor will put a late charge on you account and along side with your loan you still have to pay the extra fee.

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