Late Fee October 21, 2014 « Back to Glossary IndexA late fee is an additional fixed charge that is applied when a payment is not made on time. Related Articles: What Are Your Options When Car Payments Become A Burden?Dude, When’s My Car Payment? 4 Foolproof Memorization TechniquesBest Credit Cards For College StudentsLate Payments Can & Will Affect Your Credit10 Quick Tips to Improve Your Credit Score