What is the Late Payment Fee charged by Crepe De Licious, and how is the interest calculated?
Crepe_De_Licious Franchise · 2025 FDDAnswer from 2025 FDD Document
| Name of Fee(1) | Amount | Due Date | Remarks |
|---|---|---|---|
| Late Payment Fee | $100 per occurrence, plus the lesser of the daily equivalent of 15% per year simple interest or the highest rate allowed by law | As incurred | Payable if any payment due to us or our affiliates is not made by the due date. Interest accrues from the original due date until payment is received in full. |
Source: Item 6 — OTHER FEES (FDD pages 12–18)
What This Means (2025 FDD)
According to Crepe De Licious's 2025 Franchise Disclosure Document, a franchisee will incur a Late Payment Fee of $100 per occurrence if any payment due to Crepe De Licious or its affiliates is not made by the due date. This fee is in addition to interest charges on the overdue amount.
The interest is calculated from the original due date until the payment is received in full. The interest rate is the lesser of either the daily equivalent of 15% per year simple interest or the highest rate allowed by law. This means that Crepe De Licious will charge whichever interest rate is lower, protecting the franchisee from excessively high interest rates if local laws cap interest at a lower percentage.
For a prospective Crepe De Licious franchisee, this highlights the importance of making all payments on time to avoid these additional costs. The $100 fee per occurrence can add up quickly if multiple payments are missed, and the accruing interest will further increase the amount owed. Franchisees should ensure they have systems in place to track due dates and make timely payments to Crepe De Licious to avoid these penalties.