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TeachMeFinance.com - explain grace period grace period -- Time allowed a debtor in which legal action will not be undertaken by the creditor when payment is late. another definition... grace period -- a specified period after the regular due date of a loan payment during which no late charge or other penalty is assessed on tardy payments. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.