Personal Finance
Loans
Money Management

Is there a grace period on missing a loan payment?

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Answer

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Wiki User
01/24/2007

Usually not. Most if not all loan agreements require you to pay on time each and every month. Usually, some loan companies will give you 10 to 12 days after oyur due to date before late charges set in. If you think you may miss a payment call your loan company to work something out. You can make two payments the next month, pay as soon as possible, or whatever. Usually creditors will work with you if you may miss. Don't abuse any privileges you may be given though, as your contract can be revoked if you're late too many times, and your property, if any, repoed. If you find you may be late on a certain time of the month, consider having your due date changed. Remember, loan companies want to work with you because your business to them as they benefit from the interest fees. Most business will only take so much from a consumer who can't pay, so be careful.