Skip-a-Payment on Select Loans
Skipping a loan payment can be helpful when unplanned expenses pop up or during high spending months, like the holidays. For a small fee, you can skip a loan payment on select loans and resume your regularly scheduled payments thereafter.
Your payment frequency determines how many payments you will skip with a single Skip-a-Payment request and service fee.
- A monthly schedule will skip a single payment.
- A biweekly* or semimonthly schedule will skip two payments.
- A weekly schedule will skip four payments.*
SLFCU allows members in good standing to skip eligible loan payments** twice within a rolling 12 months. There is a $25 service charge per skip-a-payment taken from your savings or checking account, and interest will continue to accrue on your loan. The skip-a-payment benefit is available for auto loans, signature loans and CreditLines, and savings-secured loans.
Requests to skip a monthly payment can be made by submitting the form below or at any branch and must be received no later than the payment due date.
*NOTE: since several months have five weeks, please be prepared to make your next loan payment on the fifth week.
**Credit cards, mortgages, Home Equity CreditLines, and single-pay loans are not eligible for skip-a-payment nor are members who already have a loan extension or are enrolled in SLFCU’s Fresh Start Repayment Plan.
SKIP-A-PAYMENT REQUEST FORM