Breathing Room in Your Budget
Skip A Loan Payment
The SCU Skip-a-Pay program provides an opportunity for members to defer a loan payment. Deferrals can only be made on qualifying loans and are subject to SCU approval. If you would like to request a Skip-a-Pay for your monthly loan payment, your request must be submitted and received seven days prior to the loan payment due date. If approved, a $25.00 fee will be deducted from your checking or savings account.
Eligibility
Skip-a-Pay is available for consumer loans including:
- Vehicle Loans
- Boat Loans
- RV Loans
- Powersport Loans
- Personal Loans
- Lines of Credit
- Share/Certificate Secured Loans
Loans not eligible for Skip-a-Pay include:
- Mortgage Loans
- Fixed Home Equity Loans
- Home Equity Line of Credit
- Credit Card Loans
- Loans Secured by Real Estate
- Credit Establishment Loans
Requirements
The minimum requirements for a Skip-a-Pay include yet are not limited to:
- Loan must be open for more than 180 days and have six months of payment history
- Maximum of two skips per calendar year (January 1 – December 31)
- Cannot skip two consecutive months
- Loan must be current
- All parties on the loan must authorize the Skip-a-Pay form
For full details of requirements for Skip-a-Pay contact an SCU loan officer. Regular interest will continue to accrue on your loan during the deferral period. The deferred payment and any additional accrued interest may be satisfied at the end of the loan maturity. GAP coverage may be affected by a deferral, if applicable. Submission of request does not imply approval and SCU reserves the right to deny any Skip-a-Pay request.
