Place your loan on pause with Skip-A-Pay
The following conditions must be met in order to qualify for a skip a pay:
- Your loan must be established for 6 months.
- One skip allowed per year. By taking advantage of Skip-a-Pay, the skipped payment will be repositioned to the end of your loan.
- Loan must not have been delinquent within the past 12 months
- All loan applicants must complete and sign the skip a pay form.
- A $25.00 processing fee must be paid. Cannot be added to loan
By participating in Peoples Federal Credit Union's Skip-A-Payment program, you request that Peoples Federal Credit Union defer your loan payments as indicated. You agree and understand that:
- FINANCE CHARGES will continue to accrue at the rate provided in your original loan agreement, during and after this time;
- deferring your payment will result in your having to pay higher total FINANCE CHARGES than if you made your payment as originally scheduled;
- the payment deferral will extend the terms of your loan(s) and you will have to make extra payment(s) after your loan(s) would otherwise be paid off (excludes certificate secured loans which require a new loan to be executed upon maturity of certificate);
- you will be required to resume your payments the following month; and
- a fee of $25 will be deducted from a savings or checking account for this service at the time the request is processed. If you elected GAP or Warranty Coverage, the coverage will not be extended beyond the original maturity date. All deferrals are subject to Peoples Federal Credit Union approval. Your loan(s) must be current (have no amount past due) to accept this offer. Certain restrictions may apply. Excludes all real estate loans.
Click here for the Skip-A-Pay coupon.