What term describes a borrower who has not made payments on their loan?

The term used to describe a borrower who has not made payments on their loan is "delinquent." When a borrower is delinquent, it indicates that they have failed to fulfill their payment obligations as agreed upon in the loan terms. This status typically arises after a certain period of missed payments, which can lead to additional penalties, fees, or negative impacts on credit scores.

In contrast, the other terms outlined do not accurately represent a borrower who has missed payments. For instance, a borrower described as "current" has made all required payments on time. An "active" borrower refers to someone who is still engaging with their loan account but does not specify their payment status. On the other hand, "pre-approved" relates to a borrower who has been conditionally approved for a loan, pending final approval based on certain criteria, and does not imply anything about their payment status. Thus, "delinquent" is the most precise term to describe someone who has not made payments on their loan.