Definition of Past due:
Something that has surpassed its due date without resolution.
Past due refers to a payment that has not been made by its cutoff time at the end of its due date. A borrower who is past due will usually face some penalties and can be subject to late fees. Failure to repay a loan on time usually has negative implications for a borrower's credit status and may cause loan terms to be permanently adjusted.
Past due status can occur on any type of payment that has not been paid by the cutoff time on its specified due date. Payments past due are usually penalized based on the provisions of a contractual agreement. Credit agreements are one of the most common situations in which past due payments may occur.
How to use Past due in a sentence?
- Any type of contractual payment agreement can have provisions for missed payments.
- Past due is a status referring to payments that have not been made by the cutoff time on the due date.
- Credit is one area where past due penalties are prominent and damaging.
Meaning of Past due & Past due Definition