latefee
A late fee is a monetary penalty imposed by a lender, merchant, or service provider when a payment is not received by the due date specified in the agreement. It serves to deter late payments and compensate the entity for the costs of processing a delinquent account and any increased credit risk.
Late fees appear in various contexts, including loans and credit cards, utilities, rent, insurance premiums, subscription
Fees are commonly structured as a flat amount or as a percentage of the overdue balance. Some
Regulation and disclosure: Jurisdictions differ on the legality, calculation, and limits of late fees. Consumer-protection laws
Impact and discussion: Late fees can create financial hardship and may be subject to waivers or forgiveness