Late penalty fees apply to any outstanding balance after your due date. They begin the day after the loan is due and continue for every day the balance remains unpaid.
If you know you will not be able to pay in full on time, there are two things that help:
- Make a partial payment. Reducing the balance reduces what the penalty is calculated on.
- Talk to us early. Please contact your credit officer as soon as you can, so we can work out a payment plan with you.