Default

What is default?

Default Definition: A default occurs when there is a failure to repay a loan or loan payments (installments) are repeatedly missed without any attempt to clear the debt.

When an individual or company falls into default, this means they did not meet their obligations to repay their loan, and this poses a significant risk to their credit rating. It’s crucial for creditors to assess the risk of default before approving a credit product or loan for a borrower, as this can lead to future losses and the need for collective action.

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