Payment Due Date
Definition - What does Payment Due Date mean?
A payment due date is a particular day that a payment is due to be paid. Payments made on or before the due date are considered to be on time. Payments made after the due date are considered to be late. Paying after the payment due date can negatively affect credit scores, and can potentially bring about other negative consequences as well.
Justipedia explains Payment Due Date
An example of a payment due date would be a student loan bill that is due on the 1st of every month. In this case, the due date would be the first of whatever month was happening at the time. In many cases, paying ahead of time can push the due date for the next bill back. For example, on a student loan bill, if a person owes $100.00 per month, and they paid $400.00 in one month, then the due date for the next bill could be pushed back if the lender approved.
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