Financial Planning Advices » Financial Terminology » What is a Grace Period?
What is a Grace Period?
Grace period has different definitions depending on whether it refers to credit cards or loans.
For the first, the grace period is usually the time during which credit card holders are given the opportunity to make payments without incurring any interest penalties.
The grace period for loans is usually the time that follows after the due date for payment. The loan will not be cancelled or default during this time, despite the owing of a payment.
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