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Late fee

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Late fee
A fee charged when a payment is not received on time.
    
Some common bills which almost always have a late fee policy are credit card payments, mortgage and Student loan payments, and car loan payments.
    
A late fee, also known as a late fine or a past due fee, is a charge levied against a client by a company or organization for not paying a bill or returning a rented or borrowed item by its due date. Its use is most commonly associated with businesses like creditors, video rental outlets and libraries. Late fees are generally calculated on a per day, per item Basis.
Posted by  Privatebanking.com
 
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