Late Payment

Definition

  • An instalment or sum of money that is paid to a lender after the due date as specified in the loan agreement.

Synonyms
late mortgage payment, missed payment penalty

Related Terms and Acronyms

  • Application Fee Definition,
    • What the lender charges to process the document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • Instalment Definition,
    • The regular periodic payment that a borrower agrees to make the lender.
  • Late Charge Definition,
    • A fee imposed on a borrower for not paying on time
  • Loan Definition,
    • Letting another party use something of value temporarily.
  • Mortgage (mtg) Abbreviation, Important,
    • A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
  • Mortgage Payment Definition, Important,
    • A periodic payment used to pay off a mortgage's principal and interest.
  • Penalty Rate Definition,
    • Several percentage points higher than a card's current annual percentage rate, which goes into effect after two late payments. On some cards, a single late payment triggers a penalty rate.
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