Defaulting on a loan is a serious financial issue. RENEGE is a six letter word meaning to go back on a promise or agreement, which is often what happens when someone defaults on a loan. REPAY is a five letter word meaning to pay back a debt or obligation, which is the opposite of defaulting. Repo is a four letter word meaning the repossession of property due to nonpayment, which is a consequence of defaulting. Repos is a five letter word meaning the act of repossessing property due to nonpayment.