It's not about having/not having money, it's about propensity to pay. Obviously, people need money to pay, but someone can have all the money in the world and still default on loans by not paying.
This is an edge illogical case. Like technically you can sell your apple shares for $5/share, but no broker even has the functionality to let you voluntarily take a loss.
When someone with money defaults on a loan, it's usually because a.) they don't actually have money or b.) the loan is for their company, not them.
All that to say that "having money" is functionally equivalent to "propensity to pay".
When someone with money defaults on a loan, it's usually because a.) they don't actually have money or b.) the loan is for their company, not them.
All that to say that "having money" is functionally equivalent to "propensity to pay".