SKIP A PAY PROGRAM
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.