Definition, Meaning & Synonyms
defaulted-loan
noun
/dɪˈfɔːltɪd loʊn/
Definition
A loan that has not been repaid as per the agreed terms and conditions, resulting in the lender potentially taking action.
Examples
- The borrower defaulted on the loan after losing their job.
- Defaulted loans can lead to severe financial consequences for the borrower.
Meaning
To default on a loan means failing to make the scheduled payments or meet other requirements outlined in the loan agreement.
Synonyms
- failed loan
- unpaid loan
- delinquent loan
