A loan default can occur when a borrower misses payments or breaches the loan contract in some other way, causing the lender to formally terminate the loan. This can happen with various accounts, including those with banks, mobile phone companies, and utility suppliers, as well as personal or business loans. It is important to note that a default can happen regardless of the amount owed, and the specific reasons for default may differ depending on the lender's terms.

Please rest assured that defaulting on a loan is always a last resort for us, as we understand the potential impact on your business's credit rating. If you are experiencing difficulty in meeting your loan obligations, we encourage you to reach out to us as soon as possible to discuss alternative repayment options that may be available. We are here to assist you in any way we can and remain committed to helping you successfully manage your financial obligations.