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Late Fee
A penalty charged by a lender to a borrower who fails to make their required minimum payment on time.
More Details
A late fee is a charge that is assessed when a payment is not made by the due date. Late fees are common for bills, loans, and credit card payments, and are intended to encourage timely payment and compensate the creditor for any additional costs or losses associated with late payment.
Example
If you have a credit card with a minimum monthly payment of $50 and you do not pay the full amount by the due date, you will be assessed a late fee in addition to the unpaid balance on your credit card.
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