We all know it's best to pay off loans as quickly as possible to avoid paying more interest than is necessary. However, sometimes it might make sense to skip your loan payment(s), and in some cases, this is a possibility! Especially around the holidays, budgets get tight. Luckily, with Skip-A-Pay from Coosa Valley Credit Union, you can get the extra funds you need to make the season merry and bright.
Some borrowers are eligible to skip an upcoming loan payment, and use that extra cash to purchase gifts, cover holiday travel or consolidate debt. There are a few rules:
- Loan(s) must have been made at least six months prior to the skipped month.
- Loan(s) must be current with no late payments within the last 12 months.
- A fee of 15% of the payment amount applies.
- Real Estate Loans, Lines of Credit, Credit Cards and Business Loans are not eligible.
- Deferring your payment will extend the term(s) of your loan(s) AND increase the finance charge.
- You will be required to resume your monthly payments the following month.
- If you elected GAP and/or Extended Warranty coverage, the coverage will not be extended beyond the original maturity date.
- All signers/co-signers of the loan(s) must agree to the terms of the Skip-A-Pay program and sign the request form.
- If you make your Coosa Valley Credit Union loan payment automatically from another financial institution, it is your responsibility to cancel/postpone your payment(s).
If you could use a little extra jingle in your pocket this holiday season, consider Skip-A-Pay from Coosa Valley Credit Union. Just visit your nearest branch to find out if you qualify!
Certain terms and conditions apply. All Skip-A-Pay requests are subject to Coosa Valley Credit Union approval. Requests to skip a payment must be received at least five days prior to payment due date. Each loan may be extended one time per calendar year in addition to the extension for this program. There must be six months between each skipped payment. The processing fee is 15% of the payment amount per loan.