Now you can skip a loan payment without impacting your credit rating. A Skip-A-Pay allows you to defer one monthly payment each rolling 12-month on any eligible SRP Federal Credit Union (SRP FCU) loan. By skipping a loan payment, it will extend the term of the loan, interest continues to accrue, and the final loan payment may be different due to the skipped payment. All other terms and conditions of the loan will remain the same and regular payments resume the following month or billing cycle immediately following the skipped payment.
How Skip-A-Pay Works
Complete the Skip-A-Pay request online or in one of our convenient branch locations. A $25.00 Skip-A-Pay Fee will be withdrawn from your SRP FCU checking or savings account. If the skipped loan payment is scheduled for automatic transfer, SRP FCU will advance the next scheduled automatic transfer date for the loan payment. The Skip-a-Pay request can only be used for the specific loan and only one skipped payment each rolling 12-month period up to a maximum of six will be allowed. Loan payments can be skipped for loans paid by external ACH transfer or bill payment, but SRP FCU is not responsible if the external ACH transfer or bill payment is not canceled in a timely manner and the loan payment is processed.
What Loans Are or Are Not Eligible
The types of loans eligible for a Skip-A-Pay include signature, vehicle, and recreational vehicle loans.
The types of loans not eligible include mortgage loans (including home equity loans), credit cards, lines of credit, business loans, 12 month and single-pay loans.
What Qualifies An Eligible Loan for Skip-A-Pay
- Must have a minimum of 5 months of payment history
- No more than (1) 31-60 day late count on each loan
- Any loan by the member cannot be past due more than ten calendar days
- The due date cannot be paid ahead more than 60 days
- The monthly loan payment must be a minimum of $50
- Certain loan warnings may restrict a skip payment
SRP FCU should receive your Skip-A-Pay and confirm your eligibility seven (7) business days before the due date of the payment(s) if you want to ensure your automatic transfers, ACH, or Bill Payments are postponed promptly. If your request is not received promptly, your regular monthly payment may be debited on the expected due date.
Photo at top of page provided by SRP member Jim Saul (Miller Theater).