Why skip a loan payment? To treat yourself to a mini-vacation, pay for a family celebration, catch up on bills, or pay down other debt. What's it cost to do it? Just a small fee of $25. Not only will you end up with extra money in your pocket, but $5 of the fee will be donated to a local charity. Talk about a win-win situation.
See if you qualify to skip a loan payment:
- Log into Online Banking
- Click the “Options and Extras”
- Next to "Skip-A-Loan Payment", click Continue
Here are some rules you should be aware of:
- You must make at least six months of payments before your loan becomes eligible.
- Interest will continue to accrue on your loan.
- Only two payments per year may be skipped. And there must be six months between each skip.
- No more than six payments may be skipped over the life of a loan.
- Some auto loans may have additional restrictions based on your loan contract and optional GAP coverage.
- Mortgage loans, home equity loans, lines of credit, cash-to-go and credit cards are not eligible.
- Members with a charge-off share or loan, negative share balance, delinquent loan, or are currently in Bankruptcy status are not eligible.
- Loan payments currently due or paid ahead more than a month are not eligible.