|
Monday, Tuesday,
Wednesday, Friday:
9:00 a.m. - 5:00 p.m.
Thursday:
9:00 a.m. - 6:00 p.m.
|
|
Skip-a-Pay
Holiday Skip A Pay Is Back!
After all of the spending during the holiday season, wouldn’t you love to take a break from your loan payment? You can—with Skip-a-Pay! Members can skip their February loan payment through our Holiday Skip-a-Pay
• Skip one month (or a one month "equivalent",” which is 2 bi-weekly or 2 semi-monthly payments.)
• There is a modest processing fee of $30.00 per loan skipped. For your convenience we can deduct the fee from your share account, or you can send us payment with your signed authorization.
Important: To skip your loan payment, you must apply for Skip-a-Pay and be approved by the Credit Union! Joint loans require both borrowers’ signatures.
How to Apply for Skip-a-Pay
Stop by the Credit Union and ask for a Skip-A-Pay form or click here for an online Skip-a-Pay application and complete your form online; then print it out, sign it and mail or bring it to office. For more information, please call us at 610-691-0041.
The Rules:
- To skip your loan payment, you must apply for Skip-a-Pay and be approved by the Credit Union!.
- There is a modest processing fee of $30.00 per loan skipped.
- The fee can be conveniently deducted from your share account, or simply send us payment with your signed authorization.
- For compliance reasons, Home Equity Loans, Mortgages, Lines of Credit and VISA are not eligible.
- To qualify, a loan must be on the books for at least 3 months old, and be in good standing.
- Only one skip is permitted per loan within a 12 month timeframe.
- Interest will continue to accumulate on your loan during the month you skip.
- Your loan maturity date will then be extended by one month.
- Loans in joint names require joint signatures to skip a payment.
Frequently Asked Questions
About Skip-a-Pay
- How do I apply? Ask for an application at the Credit Union or click here for an online Skip-a-Pay application and complete your form online; then print it out, sign it and mail or bring it to office. For more information, please call us at 610-691-0041.
- What does it mean to "Skip" a payment? With Skip-a-Pay, you get a one month break from paying your loan. The loan payment is not eliminated, but rather is advanced to the next month. For example, if the 10th payment on a loan is due in February, by opting to "skip", then the 10th payment of that loan will be made in March instead, moving all remaining payments back a month. The loan maturity date then will move one month also.
- If I want to skip my loan payment, must I do anything? Yes. In order to skip a loan payment without being considered delinquent, you MUST sign up for Skip-a-Pay. Your request to skip will then be reviewed for eligibility.
- Which payment can I skip? February .
- Is there a fee for accepting the Skip-a-Pay offer? Yes. A $30 fee will be charged for each loan payment skip.
- Why are none or only some of my loans available for Skip-a-Pay? Several factors may cause a loan to be ineligible for Skip-a-Pay:
- Your loan payment due date has already passed.
- Your loan is not yet 3 months old.
- The loan is Real Estate or open-ended line of credit (VISA & credit lines).
- You have skipped a payment on the loan within the last 12 months.
- What if I don't have the $30 fee available in my share or share/draft account for the payment skip? Simply deposit or transfer funds to a share or share/draft account at the credit union. Or you can provide us with a check for the fee.
- Why can't I skip my Credit Card or my Real Estate loan payment? Real Estate loans and credit lines have special regulations that prevent us from offering this service.
- Will I still be charged interest if my payment is skipped? Yes, interest will continue to accrue even though your payment is deferred.
- My payment was due yesterday. Is it too late to skip? Yes. Only loans that are considered current will be eligible for Skip-a-Pay approval.
|
|
