late fee
noun[C]
ukusanextraamountofmoneythat must bepaidif apaymentis made after acertaindateortimelimit:
Vendors mustpaya latefeeif they don'tpickuptheirpermitsontime.
In somestates, thelawsays thatevenif you are late onlyonce, thelendercanchargea latefeeon allyourpayments.