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DEFAULT meaning: 1. to fail to do something, such as pay a debt, that you legally have to do: 2. In sport, if a…. Learn more. What does default mean in loans? Default is the failure to meet one’s financial obligations, for example, when a borrower misses or stops making monthly loan payments. Default is a noun or verb that means failure to perform a task, fulfill an obligation, or appear in court. It can also refer to a preset value or option in a computer system. See different sources and idioms for default. If you win or lose something by default, especially in sport, you win or lose because someone else has failed to do something, for example did not play or complete the game, or because they broke the rules:
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