Default is failing to repay a loan according to its terms, usually after payments have been missed for an extended period. It is a more serious stage than being briefly late.
Default is the status a loan reaches when you do not meet the obligations in the agreement, most often after payments have gone unpaid for a defined period set by the contract or applicable rules. The point at which a loan is considered in default varies by loan type and lender. Default can lead to consequences such as the full balance becoming due, collection activity, and reporting to credit bureaus, and on a secured loan the lender may pursue the collateral through repossession or foreclosure. Default is a later and more serious stage than delinquency, which is the period of being past due that can precede it.
