ACT 1st FCU’s Loan Payment Skip Program lets you delay your monthly loan payment without affecting your credit score. This can help if you’re facing financial challenges or need extra funds for expenses like education, car repairs, or vacations. The deferred payment is added to the end of your loan term.
Qualified members have the option to defer 1 monthly loan payment per calendar year for eligible loans. Throughout the duration of the loan, a maximum of 7 payments can be skipped. Consecutive payments cannot be skipped.
- How To Qualify
- Loans That DO Qualify
- Loans That DO NOT Qualify
- Costs and Charges
- How To Skip
- Loan Payment Skip Program FAQs
- Before You Skip
How To Qualify
◦ Loans must be open for at least 90 days with at least one applied monthly payment.
◦ Loans and account(s) must not be delinquent at the time
of the skip payment request.
◦ *Skip payments cannot be processed on loans with
open debt protection claims.
Loans That DO Qualify
for a Loan Skip
◦ New & Used Auto Loans*
◦ Recreational Merchandise
◦ Signature Loans
◦ Shared Secured Loans
◦ Money Market Secured
◦ Share Certificate Secured
◦ UCC Secured
◦ Trailer Loans
Loans That DO NOT Qualify
for a Loan Skip
◦ 1st Time Auto Loans
◦ 2nd Act Auto Loans
◦ Real Estate Loans
◦ Business Loans
◦ Credit Card Payment
Costs and Charges
◦ The cost is $25.00 for monthly loan payments that are $200 or less.
◦ The cost is $50.00 for monthly loan payments that are $200.01 or greater.
◦ The skip fee will be deducted from corresponding ACT 1st FCU savings or checking account. If funds are unavailable, the skip payment request will not be processed. The processing fee will not be added to loan balances. Skips will be reviewed and processed within 20 days of submission.
How To Skip
◦ Stop by any branch to make your request.
◦ Give us a call at (301) 729-8015, or sign the form virtually here .
For any questions please contact us via secure email, at collections@act1stfcu.org, text our collection line at (301) 882-8274.
Loan Payment Skip Program FAQs
Q: How Does the Loan Payment Skip Program Work?
A: Members can request to skip one loan payment per year for eligible loans. If the monthly loan payment is $200 or less, there is a $25 processing fee. For payments greater than $200.01, the fee is $50. The processing fee can be paid by check, cash, or by authorizing a debit from the member’s ACT 1st FCU savings or checking account. A maximum of 7 payments can be skipped throughout the loan term, but consecutive payments cannot be skipped. It’s important to note that interest will continue to accrue during the skipped payment period, resulting in a higher final scheduled loan payment.
Q: How Do I Know If My Loan Qualifies for the Loan Payment Skip Program?
A: Qualifying loans include the following: New & Used Auto Loans*, Recreational Merchandise, Signature Loans, Shared Secured Loans, Money Market Secured, Share Certificate Secured, UCC Secured, Trailer Loans. The you are wanting to skip loan must also have been open for at least 90 days and account(s) cannot be delinquent at the time of your Loan Payment Skip Program request.
Q: When Should I Apply for to the Loan Payment Skip Program?
A: In order to properly skip a loan payment, all requests must be processed and approved at least five business days prior to the payment you are requesting to skip. Skips will be reviewed and processed within 20 days of submission.
Before You Skip
While skipping a monthly payment may seem like a good idea during a costly period, it’s important to consider the consequences. Skipping payments can affect your credit score and should only be done with permission from your lender. Remember, it’s a one-time option and you must make full payments the following month. If you find yourself needing to skip payments regularly, it may indicate financial difficulties that require proactive measures. Therefore, it is essential to make your payments in full next month.
If you find yourself using the skip-a-payment option every month, it may mean you’re facing financial difficulties. It’s important to seek assistance now instead of worsening your situation. Contact one of our representatives at ACT 1st FCU or reach out to our partners at GreenPath for help with your debt relief needs.
We’re here to assist you! Visit ACT 1st FCU or call (301) 729-8015 for more information on utilizing the skip-a-payment option.
Interest will continue to accrue during non-payment, leading to higher finance charges and a longer loan repayment term. Debt Protection Coverage does not exempt the monthly premium during skipped payments. GAP coverage may not cover deferred payment. Terms and conditions remain unchanged. Consecutive monthly payments cannot be skipped. If members use payroll deduction, direct deposit, or electronic transfer to make loan payments, the skipped payment amount will be deposited into the corresponding savings or checking account. The credit union reserves the right to deny a deferral in accordance with laws and regulations. Loans must be open for at least 90 days with at least one monthly payment applied, and there should be no delinquency on loans or accounts at the time of the skip payment request. Skip payments cannot be made on loans with open debt protection claims. All borrowers must sign the Skip Payment Request forms, and separate forms are required for each eligible loan.
