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What is a default?

  • A default occurs when a lender decides to formally terminate the loan because you have missed payments, or breached the loan contract in another way. This could happen to an account you have with a bank, mobile phone company or utility supplier as well as any personal or business loans. A default can occur regardless of how much money you owe, and the reasons for default vary depending on the lender’s terms.
  • Please be assured that defaulting a loan is always a last resort for us, as it will affect your business’ credit rating.
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