Delinquency

Delinquency refers to a situation where a borrower has missed one or more than one scheduled loan payments. When a payment is missed, the account is considered delinquent the day after the due date. This period of non-payment can have varying consequences depending on the duration of the delinquency and the lender’s policies.

A Loan management software is designed to track delinquencies and automate various actions to address them.