What is a Late Charge?

Late Charge happens when the customer is late or misses a payment, then the creditor can issue a late charge which has to be paid usually within 15 days. Whenever there’s no payment or a late one the creditor can act and decide the amount of money what is necessary and that’s what’s called a late charge. For example you have a loan and you miss your payment date, the creditor will put a late charge on you account and along side with your loan you still have to pay the extra fee.