CRD Definition: Payment Due Date

Payment Due Date:

Contract language specifying when payments are due on money borrowed. The payment due date is always indicated and means that the payment must be received on or before the specified date. Grace periods do not eliminate the responsibility of making sure that the lender receives payments by the due date. In most cases, lenders or creditors who receive payments past the due date will add a late charge and/or additional interest and fees.

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