Topic: What does "defaulting" a loan me? (Read 686 times)
Thanks for answer
http://en.wikipedia.org/wiki/Default_(finance)
http://www.merriam-webster.com/dictionary/default
http://www.investopedia.com/terms/d/default2.asp
Quote
In finance, default is failure to meet the legal obligations (or conditions) of a loan,[1] for example when a home buyer fails to make a mortgage payment, or when a corporation or government fails to pay a bond which has reached maturity.
http://www.merriam-webster.com/dictionary/default
Quote
3 : a failure to pay financial debts
http://www.investopedia.com/terms/d/default2.asp
Quote
1. The failure to promptly pay interest or principal when due. Default occurs when a debtor is unable to meet the legal obligation of debt repayment. Borrowers may default when they are unable to make the required payment or are unwilling to honor the debt.
It means not paying your loan within the agreed terms.
It means stealing from the person that loaned the money, since a promise was made to repay the load and that promise was broken.
It means being untrustworthy, and a very risky person to loan money to.
It means stealing from the person that loaned the money, since a promise was made to repay the load and that promise was broken.
It means being untrustworthy, and a very risky person to loan money to.
Title, what does this mean?
Jump to: