What are late payment penalties?
An example of an AI chatbot conversation about late payment penalties and their implications.
What are late payment penalties?
Late payment penalties are fees charged when a payment is not made by the due date. They can vary by lender.
How much can these penalties be?
Penalties can range from a flat fee to a percentage of the overdue amount, often around 1-5%.
Can late payment penalties affect my credit score?
Yes, consistently late payments can negatively impact your credit score, making it harder to obtain loans.
Is there a way to avoid these penalties?
You can avoid penalties by paying on time, setting up reminders, or enrolling in automatic payments.
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