Default
Default is the failure to repay a debt including interest or principal on a loan or security when due.
Benefits
Avoiding default keeps your credit score healthy. It helps you get future loans more easily.
Frequently Asked Questions
What is the failure to pay interest or principal on a loan or security when due?
Default is when you can`t make a scheduled payment for a loan or financial product on time.
What is the meaning of default in repayment of loan?
Default means not being able to pay back a loan or interest according to the plan.
What is the failure of a borrower to repay the loan called?
When a borrower can`t repay their loan on time, it`s called a default.
Key Takeaway
Default means not paying a loan on time. Avoiding it is key for good financial health.