Per Day Late Fee

[Arnie Guida]

I have a friend in Tennessee that charges late fees of $5 per day, instead of the typical "$25 if later than the 5th", like I use.

I like that a lot.

Is this common?

Thank you.

[Bill Gulley]

Many use daily fees and combinations like a certain amount to some date and then a per day fee. You need to check with your state laws concerning the matter as over charging can create hefty liabilities for you. :)