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 L
Late Payment
When a person fails to pay their payment by the due date or by the * grace period, if there is one.
Glossary For This Page
(In Alphabetical Order)
* Grace Period
The number of days allowed to make a payment after the due date, without a penalty applied. 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.
|