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What Does it Mean to Default on a Loan? What Happens When You Default? Get Personal Loan Rates Defaulting on a loan happens when repayments aren’t made for a certain period of time. When a loan defaults, it is sent to a debt collection agency whose job is to contact the borrower and receive the unpaid funds. Defaulting will drastically reduce your credit score, impact your ability to receive future credit, and can lead to the seizure of personal property. If you can’t make payments on time, it’s important to contact your lender or loan servicer to discuss restructuring your loan terms. Loan Default Explained Loan default occurs when a borrower fails to pay back a debt according to the initial arrangement. In the case of most consumer loans, this means that successive payments have been missed over the course of weeks or months. Fortunately, lenders and loan servicers usually allow a grace period before penalizing the borrower after missing one payment.