What is a loan default?
Loan default occurs when the borrower breaches a material term of their agreement. The common reason in loan default is that the person is not able to make the loan payments he had once committed. When a loan default occurs, the lender has the right to take legal action against the borrower. Thus, negatively impacting the credit history of the borrower.
What happens when you default on a loan?
This, indeed, is based on your lender and the type of loan. Some lenders would be counting even one missed payment as default. However banks wait until you have missed multiple payments, or banks and other financial institutions wait till at least 30 days before considering your loan as a default.