Understanding Your Loan Paperwork: Finding Extra Time Before Late Fees

What should you look for in your loan paperwork to see if you have extra time before you are charged a late fee?

Choose 1 answer:

principal

APR

grace period

loan term

Final answer:

You should look for the grace period in your loan paperwork to see if you have extra time before you are charged a late fee.

Explanation:

In loan paperwork, you should look for the grace period to see if you have extra time before you are charged a late fee. The grace period is the amount of time after the due date during which you can make a payment without penalty. It is typically a few days to a month, depending on the lender. By finding the grace period in your loan paperwork, you can determine the time frame in which you need to make your payment to avoid late fees.