What is Skip-a-Payment?
Skip-a-Payment is a program that lets you skip one of your loan payments giving you a little extra cash when you need it most! Instead of making your regular payment, you pay a small fee, and the skipped payment is added to the end of your loan term. How often can I skip a payment?
You can skip one payment per year per eligible loan as long as you’ve gone at least 12 months since your last skipped payment. Am I eligible to skip a payment?
To qualify, you must be a member in good standing with SRCU and have an eligible loan type with at least three full payments on the loan. What types of loans are ineligible?
Mortgage, Home Equity, Personal Lines of Credit, and Overdraft Protection loans are ineligible for Skip-a-Payment. How do I request a skip-a-payment?
We offer many ways to process your request.
- Download and print our Skip-A-Payment Form to submit your request.
- Submit your request and sign electronically
- Request through SRCU Online
- Give us a call, we’ll walk you through it!
What if I have multiple loans?
Whether you have one loan or several, you may skip a payment once every 12 months on any eligible loan you have with us. Will skipping a payment affect my credit?
Skipping a payment does not negatively impact your credit, because it’s an agreed-upon change to your payment schedule. However, interest continues to accrue, which could slightly extend your loan term. Keeping up with your regular payments after skipping one ensures you stay in good financial standing. Will my GAP coverage still apply if I skip a payment?
GAP (Guaranteed Asset Protection) coverage is limited to two skipped payments for the life of the loan with a maximum of one per year. If you request additional skips beyond this limit, your benefit under GAP coverage may be reduced or no longer apply. What about my credit insurance?
If your loan has Life and/or Disability Insurance, skipping a payment won’t cancel your coverage, but your coverage will cease on your original loan maturity date. Are there any fees for a Skip-a-Payment?
Yes, there is a $30.00 fee for each skipped payment per loan. You can pay the fee up front or have it deducted from your account. What if I only want to skip my automatic payment this month?
The Skip-a-Payment program applies to eligible loans and may have certain limitations and fees. However, this is different from simply stopping an automatic payment that you’ve scheduled voluntarily. You are always free to cancel these scheduled payments without any fee or restrictions and can make payments on your own instead. What if I my automatic payment to you is set up with another financial institution?
If your automatic payment to SRCU is set up through another financial institution, we are unable to make changes to those transfers. You will need to coordinate any adjustments directly with your financial institution. To ensure a smooth process, we recommend reaching out to them at least a week before your due date to request any necessary changes.
