What is the minimum late charge amount for Beverly Anns Cookie loan payments?
Beverly_Anns_Cookie Franchise · 2025 FDDAnswer from 2025 FDD Document
turity date. - Loan. A(n) Loan fee of $200.00 payable from the loan proceeds.
- 5. REMEDIAL CHARGES. In addition to interest or other finance charges, I agree that I will pay these additional fees based on my method and pattern of payment. Additional remedial charges
Source: Item 22 — CONTRACTS (FDD page 57)
What This Means (2025 FDD)
According to Beverly Anns Cookie's 2025 Franchise Disclosure Document, if a payment is more than 10 days late, a franchisee will be charged 10% of the payment amount or $10.00, whichever is greater. However, the late charge will not exceed $100.00 and will only be applied once for each late payment.
This means that for any loan payment, the minimum late charge a Beverly Anns Cookie franchisee could incur is $10.00, provided that 10% of the payment amount is less than $10.00. For instance, if a franchisee's payment was $50, 10% of that would only be $5, so the late fee would be the minimum $10.00.
It is important for prospective franchisees to understand these terms to avoid incurring unnecessary charges. Franchisees should ensure timely payments to avoid late fees, as these can add up and affect their profitability. Understanding the loan agreement and adhering to the payment schedule is crucial for maintaining a good financial standing with Beverly Anns Cookie.