Will I be charged interest or penalties for late payments?

If the customer fails to pay or only partially pays the principal or interest by the due date specified in the credit agreement:

• Overdue principal: The customer must pay overdue interest equal to 150% of the applicable interest rate at the time the loan becomes overdue, calculated on the overdue principal for the delayed period.
• Overdue interest: The customer must pay late payment interest at 10% per year calculated on the overdue interest amount for the delayed period.

Share: