You might be one of those people who have their loan payments due from the payment date whether for the credit card or for the mortgage. There are many lenders who provide you with the extension in the due date.
But, there are some lenders who start to add the extra fee on your loan payment if you exceed from the due date. If your loan payment is due from the date, then it will affect your credit history.
So, if you want to calculate your loan payment days that is past due is important to your financial planning and to protect your credit score.
Step by step guidelines to Calculate Loan Payment:
You can follow these steps that will help you to calculate loan payments:
- Before you start with the process of calculating the loan payment, you have to confirm your due date and time of the payment. Some lenders have the requirement to pay to them before the close of the business on your due date.
This means that if your payment is due on March 1, the lender will require the payment be received and processed before the close of business on March 1.
Other lenders require payments to be postmarked. But the ratio of that lenders is quite less in the market.
Find out the specific rules by reading your loan document or asking your lender about it.
- Now, you have to start counting the days. Start to count from the due date.
If your payment is due on March 1 and it is March 3, then your payment is two days past due since you have to count two days from the first to the third.
Weekends and holidays are also added in the count as days.
Now, start to understand the implications of the process. If the payment of the loan is late then you have 270 days otherwise you will be in the category of the default.
The late payment will have a diverse effect on the credit score of yours.