grace period


The additional period of time a lender or insurance policy issuer provides for a borrower to make payment on a debt without penalty.

Use grace period in a sentence

If you owe money for a bill, some companies will allow you a grace period where you can pay your bill late without receiving a fine.

​ Was this Helpful? YES  NO 5 people found this helpful.

The grace period was still being realized by the borrower so we had to wait until this period ended to proceed.

​ Was this Helpful? YES  NO 3 people found this helpful.

If your rent is not paid in full the first day of each month, you may be given a five day grace period in which to pay before you are charged a late penalty fee.

​ Was this Helpful? YES  NO 6 people found this helpful.

Show more usage examples...

Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Perkins loan payment shock