Skip A Payment
Take a break from your loan payment!
Unexpected bills, back-to-school expenses, summer vacation, holiday shopping…you’ve probably experienced a time of year when money was tight. When you just need a little extra cash in your pocket, skipping your next loan payment could be just the ticket to get you ahead. Eastern Indiana Federal Credit Union’s Skip-A-Pay program allows members to skip a monthly payment on a qualifying loan as long as certain program qualifications are met.
Skip A Payment FAQs
1. What is the skip a payment program?
Eastern Indiana Federal Credit Union’s Skip-A-Pay Program allows you to skip one monthly payments in a 12 month period on certain loans. By skipping a payment, you are adding it to the end of the loan which could extend the term or maturity. Keep in mind it will still be accruing daily interest at the determined rate, and if your next payment does not cover the interest accrued, it will be taken out of each payment until satisfied. Our skip a payment program does not impact your credit rating.
2. What loans are eligible for skips?
The Skip-A-Pay Program applies to all Eastern Indiana Federal Credit Union loans except mortgages, home equity loans, VISA® credit card accounts, overdraft courtesy pay, single payment loans, or new loans open for less than six months.
3. am i eligible to skip my payment(s)?
To be eligible, your loan must have paid at least six payments, be current at least 3 months, and be in good standing. You may not be eligible for other reasons, such as having an overdrawn Eastern Indiana Federal Credit Union checking account or any circumstance the credit union deems derogatory related to your account.
4. is there a fee?
There is a $25 non-refundable fee per skip, per loan.
5. how does participating in the skip a payment program affect my loan?
The skipped months will be added to the end of your loan, extending the loan term. Interest will continue to accrue during skipped months. If you are requesting a Skip A Payment on a loan that has GAP coverage, you understand that you may effect any future GAP claim in the event of a total loss on the covered vehicle. Please refer to your GAP contract for further details.
6. can i skip a payment at any time?
Yes, you can, but remember that you can only skip on the same loan a maximum of one time per calendar year.
7. hOW DO I APPLY TO SKIP A PAYMENT?
Contact us to get the form to apply to skip a payment. Remember - ALL Borrowers/Guarantors who signed original agreement must sign the form. Requests to skip a payment must be received at least 5 days prior to the due date.
Not sure if your loan(s) qualify for a Skip-A-Pay? Give us a call at 765-529-6632 to see if we can help you!