Simple English definitions for legal terms
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A late charge is an additional fee that is added to a debt when a payment is not received by the due date. For example, if you have a credit card bill due on the 15th of the month and you don't pay it until the 20th, you may be charged a late fee.
This type of charge is often used by lenders and creditors to encourage borrowers to make their payments on time. It can also help cover the costs of processing late payments and managing delinquent accounts.
Other examples of charges include:
These examples illustrate how charges can be used in different financial contexts to represent different types of costs or fees. Understanding these charges can help you make informed decisions about borrowing and managing your finances.