G
General
Grace Period
A window of time after a payment is due where you can still pay without getting smacked with penalties or being reported as late. Some credit cards give you 25+ days. Most personal loans don't — they expect money on the exact date or you're in default.
Usage Examples
"Zanele's credit card closes on the 1st with a grace period until the 25th. She pays the full balance by the 25th and pays zero interest. Sorted."
"Sipho's Capitec loan payment is due on the 1st. There's no grace period. His debit order bounced on the 2nd and he was hit with a penalty that same day."
"Some car finance agreements have a three-day grace period. If you're late by one day, you're fine. If you're late by four days, it's reported and your interest jumps."