Additional Payment Due to Late Payment

Interest on loans

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Question

A seller gave me an item on the condition that I would pay him the next day, but unfortunately, I forgot. Is it permissible to give him an additional amount as compensation? It should be noted that he does not demand any compensation; I want to add it myself.

Answer

Shalom Rav,

It is forbidden to pay an additional amount on the debt, as it is considered late interest.

This prohibition applies even if the lender does not demand anything.

Source

Shulchan Aruch, Yoreh De'ah 160

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