Skip Pay Loan Extension Terms
loan extension terms
- 1. The $30 fee is per loan account and will be added to your loan balance.
- 2. Only one month’s extension will be allowed per loan account.
- 3. The extension request must be received at least one business day prior to the payment due date.
- 4. This offer is not valid for any loan that is currently past due. If you are past due on any loan, skips for other loans will not be honored until your account is brought current.
- 5. The following loans are NOT ELIGIBLE for the Skip-A-Payment offer:
- Any loan having had two extensions for the year.
- Loans that have not yet completed six monthly payments based on the first payment due date.
- Visa, personal lines-of-credit, home equity lines-of-credit, mortgages, land loans, Help with Rent loans, student loans, holiday loans, payday alternative loans, flex funding loans.
- Delinquent loans or consumer loans with terms greater than 150 months.
- 6. Your normal payment schedule will resume on the month following the skipped payment.
- 7. Loan extensions may extend the term of your loan. Accrued interest due will be added to your current loan balance, and interest will continue to accrue as per your original loan agreement.
- 8. If you have any form of voluntary insurance coverage in connection with the loan on which you seek to skip a payment, you should ensure your election to skip does not affect your coverage. Some companies that provide these insurance services limit the number of extensions on covered loans, including voluntary skip payments. Such products are provided by third-party companies and not the credit union, so you will need to address any questions to those companies and review your policies/contracts.
- 9. Authorizing this skip payment does not automatically stop payment(s) originating from other financial institutions.