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Simple English definitions for legal terms
payment date
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A quick definition of payment date:
A payment date is the day when money is due to be paid. This could be for things like bills, loans, or even when you get paid for a job you did. It's important to remember the payment date so you don't miss it and end up with late fees or penalties. Different types of payments may have different payment dates, so it's important to keep track of them all.
A more thorough explanation:
Definition: The date on which a payment is due or made.
Example: If you have a credit card bill due on the 15th of the month, the payment date is the 15th.
Explanation: The payment date is the specific day when a payment is expected or made. In the example, the credit card company expects the payment to be made on the 15th of the month. If the payment is not made by that date, the account may be charged a late fee.