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What is Late Payment?

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Sam Site Admin Joined: 21 May 2005 Posts: 281 Location: CALIFORNIA 117.49 Dollars($)	Posted: Thu Apr 08, 2004 11:54 pm    Post subject: What is Late Payment? Late Payment refers to a payment made to a lender by a borrower, later than the date when it was due and on which additional charges may be imposed. For example, Jessy has taken a loan from Carole whose monthly payment is $50,000. The due date of payment is on 15th of every month. In the month of April, he was not able to make the payments on 15th; instead he made the payments on 25th.So, Carole charged him an extra $1000 as penalty for not paying on the due date. This type of payment which is made later than the due date is known as 'late payment'.

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