If the borrower pays late, a late charge is added automatically to the amount owed.
On the Setup worksheet you will have added either a % Amount or a Daily Charge amount to create your late charge. These are different types of late charge and the one you choose must be the right one for your loan.
Days Before Late is the 'grace period' after a payment is due before a late charge is applied.
Click on the Setup worksheet.
Enter how many days before a payment is late in cell B47. In our example it is 10 days, so on the 11th day the payment would be late.
Click on the Setup worksheet.
For a % Late Charge, you simply enter a number in Cell B48. For example if your monthly payment is $1,000 and your late charge is 5%, then the late charge will be $50 per month.
Late Charge Percent: In our example, we have set the late fee to be 5.00% in cell B48 of the initial payment amount.
Click on the Setup worksheet.
If you want to use a daily rate, clear the 5.00% in cell B48 and instead insert a number into cell D48. You will receive a warning if you haven't cleared cell B48 first as you CANNOT have both a % charge and a daily charge.
For example, you could charge a $1 fee per day for any late payments or whatever your agreed legal amount is. For example, if your grace period is 10 days and you received your payment on the 12th of the month, there would be a late fee of 2x your daily fee for being 2 days late.
Learn more about the Daily Late Charge.
In certain circumstances, you may not wish to automatically accrue a Late Charge.
Learn more about how to Override Late Charges.
A Bad check Charge is a charge for receiving a check that was returned by the bank unpaid.
Click on the Setup worksheet.
Enter your fee for a returned 'bad' check in cell D47. In our example it is $25.00.
Get in touch if you’re having problems, need something specific or have questions about our spreadsheet.
Existing customers of Lender Software Pro v1.7.x claim a FREE upgrade to v2.0.x
Get started for FREE Today. Register and Download NOW!
Want to Upgrade from Lite to PRO?. Upgrade and Unlock for $79.99
Microsoft® Windows® and Microsoft® Excel® are registered trademarks of Microsoft Corporation in the United States and other countries.
Mac® and macOS® are trademarks of Apple Inc., registered in the U.S. and other countries.
By continuing to browse or by clicking 'Dismiss' you agree to the storing of cookies on your device to enhance your site experience and for analytical purposes. To learn more about how we use cookies, please see our Cookies Policy and Privacy Policy.