Grace Period

What is a grace period?

Grade Period Definition: A grace period refers to the extra amount of time that is provided after a due date, which allows for the payment of an installment or fee, such as rent, without penalty. In many cases, the grace period can last between three and fifteen days, and it’s common for most agreements involving insurance or a mortgage.

This time frame allows a consumer to delay a payment, so they can catch up when they receive income, such as payroll, if it is received beyond the due date. During the grace period, no cancellation will occur, and there will be no late fees. Payment during the grace period will not adversely affect your credit rating or report.

Aug 13 - Comparewise Personal Loan Banner

Other Personal Loan Terms:

Personal Loan Help Centre:

How To Pay Off Debt
How to Make Money in Canada
How To Save On Subscriptions
How to Improve Your Finances
Square One
RBC Avion Visa Infinite Business
Home Trust Secured Visa Card Ruby Steel
Mogo Card


Didn’t find the information you were looking for?

Send us your questions and we will get back to you.

Car loan?
Personal Loan?

Top deals await you just a short
application away!