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Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
All of G
Grace Period
A grace period is the number of days allowed to make a payment after the due date without a penalty applied. Example: your monthly payment is due at the begining of every month, but the grace period allows you to make a payment a few days later without being penalized. Or grace period is the time between the date of a credit card purchase and the date the company starts charging you interest. Grace periods vary for Inusurance Companies, Credit Card Companies, Student Loans, etc. Some accounts may have no grace period. Contact the company about your account and for grace period details.
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