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To help with your cash flow and budget, you may be able to skip your loan payment up to two (2) times during each calendar year. This offer is a great way to free up cash for vacations, back to school shopping, the holidays, or anytime you need some extra cash. You choose the months that work best for you.

Here’s how it works!

Submit a Skip A Pay Request Form no less than 15 days before the payment date of the loan you wish to skip. The Skip A Pay Request Form must be signed by all borrowers/co-signers on the loan. There is a $30 processing fee for each eligible loan payment that is skipped. First Choice Credit Union will donate $5 of that fee to a local charity. Fees must be paid by cash, check or withdrawal from your account. Fees cannot be added to the loan.

You may not skip more than two (2) payments within a 12 month period per loan. At least three (3) payments must be made within skips. Skipped payments cannot be for consecutive months.

The following qualifications shall apply:

  • All existing loans must be current and paid up to date with no delinquencies greater than 10 days in the past 6 months.
  • All share and share draft accounts must be in good standing with no negative balances.
  • You must have made at least 6 full monthly payments on the loan you wish to skip payment on.
  • Offer is only good on vehicle loans, recreational loans and personal loans. May not be used on real estate loans, share secured loans, Visa payments or Payday Alternative Loans.
  • Offer is not available on newly disbursed loans.
  • Loans currently being paid by Cuna disability insurance are not eligible.

On qualifying loans, interest will continue to accrue during the waived payment period. The $30 processing fee DOES NOT reduce the principal balance of the loan.

By signing this, I/We understand and agree that my/our loan documents are hereby amended to the effect that there will not be a payment due for the month indicated; that payment made after this skipped payment will continue to be applied first to the interest with the remainder to principal; that the interest will continue to accrue on the loan at the rate per annum specified in the loan documents. I/We also understand and agree that the final payment on the loan will be due after the date it would have otherwise become due without any skipped payments, and that the amount of the final payment will be higher than the usual payment amount due to the postponement of any scheduled payments or skipped payments. I/We also understand that this action will not change the amount or extend the period of any insurance coverage that may be on the loan. Any credit insurance benefits will be calculated according to the original loan terms and insurance certificate and may not fully cover the balance of the loan. Automatic account debit of the Skip A Pay processing fee cannot drop below the minimum share balance par value ($20). If no e mail address is provided, you will receive confirmation of receipt via U.S. mail. Eligibility is based on payment history. All loan and share accounts must be in good standing. All existing loans must be current and paid up to date with no delinquencies in the past six (6) months.

Member must have made at least six (6) full monthly payments for the loan to qualify for the Skip A Pay program. Offer only good for the following loan accounts: New or Used Vehicles, New or Used Recreational Vehicles, and Personal Loans. APPLICATIONS MUST BE RECEIVED AT LEAST 15 DAYS PRIOR TO THE REQUESTED SKIPPED PAYMENT. All loan programs, rates, terms and conditions are subject to change at any time without notice. Ask a Loan Officer for additional details.