Whether a late fee is assessed and the amount of the late fee varies by lender, your contract, and according to state law.
Check your contract to see what it says about late fees. Some contracts will provide a grace period. If you do not pay within that time period, a late fee may be assessed. Late payments may also have a negative impact on your credit score(s).
The content on this page provides general consumer information. It is not legal advice or regulatory guidance. The CFPB updates this information periodically. This information may include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs.