The phrase "penalty charges" refers to fees or fines that you have to pay as a punishment for breaking rules or not meeting certain obligations. Full definition
You may receive penalty charges for missing payments, being late on payments or by going over your spending limit, so this is something to be careful of. (moneyexpert.com)
An extension will give you more time to collect funds, but it may lead to penalty charges on top of your current debt amount. (debt.org)
It's important to avoid penalty charges and other terms that make it hard to pay back an auto title loan. (800loanmart.com)