In plain English
This is an extra amount added when a payment that had to be made is paid too late. It applies because the payment missed the date it was due.
In context
Here, "late fee" names the extra charge being added because a required payment was made after its due date.
- Situation
- Understanding invoices, billing statements, balances, due dates, credits, and receipts
- What it communicates
- labels an extra charge related to late payment
Meaning limits
The term itself does not say how much the charge is or provide details beyond it being for payment made after the due date.
Examples
“Because the rent payment arrived after the due date, the landlord added a late fee.”
“A late fee appeared on the account when the tuition payment came in the following week.”