This is an additional period given to borrowers by their lenders to make their payments before sustaining a risk or late charge on a loan. There are two different types: the first is the period after the due date that the lender provides the borrowers to make the necessary payments, and the other is the period when borrower doesn’t get charged interest on the account balance from the creditor.
Grace Period
This is an additional period given to borrowers by their lenders to make their payments before sustaining a risk or late charge on a loan. There are two different types: the first is the period after the due date that the lender provides the borrowers to make the necessary payments, and the other is the period when borrower doesn’t get charged interest on the account balance from the creditor.
