Default means failing to keep up your end of a loan agreement — usually by missing payments — which can lead to serious consequences.
Default is the failure to satisfy the terms of a loan agreement, including non-payment or violation of covenants, which may trigger remedies such as acceleration or collateral seizure.
Default can damage credit and put pledged collateral at risk. Communicating early with a lender about trouble is generally better than missing payments silently.
Repeatedly missing scheduled payments on an operating loan could place the loan in default under its terms.
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