What is a Skip-A-Payment?
A Skip-A-Payment is a loan option that permits members to defer a loan payment and extend the original loan term. The number of payments skipped will depend on the frequency of the payment; one monthly, two bi-weekly, two semi-monthly, or four weekly payments. Interest will continue to accrue during the skipped month.
Do I Qualify?
- The loan must be at least 90 days old
- Only 1 Skip-A-Payment is allowed every 6 months on each qualifying loan
- There is a $25 processing fee that must be paid before the Skip-A-Payment will be processed
- All loans must be current (within 15 days of the due date) including the loan to be skipped
- All accounts must be in good standing
- REAL ESTATE and CREDIT CARDS DO NOT QUALIFY FOR SKIP-A-PAYMENT
- All workout loans must be approved by the Loan Committee to be eligible for Skip a Pay
I "clicked to skip," now what?
For a decision on your Skip-A-Payment application, sign in to your Online Banking Communication Inbox.
If you have any questions, please contact us or call the phone center at 903-735-3000.