noun

default

/dɪˈfɔːlt/ · say it: dih·FAWLT

failure to repay a loan as agreed

In Banking & Finance

In more detail

1. (noun) a situation in which something is accepted or used because nothing else is chosen or available

2. (noun) a failure to do something that you are required to do, such as paying a debt

3. (verb) to fail to do something you are required to do

Examples

1. When nobody volunteered, the teacher became the default choice for organizing the field trip.
2. The bank warned him about his loan default.
3. If you default on your mortgage payments, the bank may take your house.

How to use default

As a noun, 'default' can mean either an automatic choice made when no alternative is selected (common in computing and bureaucratic contexts) or a failure to fulfill an obligation, especially financial. As a verb, it specifically means to fail to pay a debt or meet a contractual obligation. The phrase 'by default' is widely used to indicate something that happens automatically or as a consequence of no other action being taken.

Common phrases

by default
default setting
default option
default on a loan
factory default

Synonyms

fallback · backup · standard setting · failure to pay · delinquency

Opposites

choice · payment

Word family

defaulter · defaulting · defaults

A common mistake

Learners often confuse the computing sense (a pre-selected option) with the financial sense (failure to pay), or use 'default' as a synonym for 'normal' when they mean 'standard' or 'typical.'

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