Skip-a-Payments

At Peninsula Federal Credit Union, we are always looking for ways to put our members first and help them to the best of our ability. It’s no secret that life can throw curveballs at us, and those curveballs can put us in financial hardships. For instance, not being able to make loan payments or VISA® credit card payments for the month. I am happy to state that during these hardships, we have a solution to offer you, and that solution is making a Skip-a-Payment.

Skip-a-Payments are a great option if you are short on cash or just want to have extra funds for the month.

Now, what is a Skip-a-Payment? A Skip-a-Payment is a solution we offer that allows our borrowers to temporarily skip, or defer, a scheduled loan or VISA® credit card payment. Skip-a-Payments can be used on auto and personal loans, or VISA® credit cards.

To make a Skip-A-Payment, there is a fee of $25 for loans and $10 fee for VISA® credit cards to skip a month’s payment. There are some other requirements* that the loan/ VISA® credit cards must meet to be eligible for a Skip-a-Payment. If you want to inquire about a Skip-A-Payment you can simply call, text, or stop in at one of our branches. You are also able to make a Skip-A-Payment utilizing online banking.

*Requirements for Skip-a-Payments:

Loans:

Skip Pay Disclosure.pdf

VISA credit cards®

VISA-Skip-a-Pay-Disclosure.pdf

Let’s look at an example:

John Member has a vehicle payment coming due, but had an unforeseen bill come due at the same time. John Member called in and requested a Skip-a-Payment. After PFCU reviewed the loan, John Member qualified for a Skip-A-Payment and was able to skip this month’s payment. The operator explained there would be a $25 fee that John Member agreed to pay, letting us push the next due date for the loan to next month. This allowed John Member not to worry about making that payment until a later date and letting him focus on other matters.

Shelbie Soderman

Loan Originator

This blog is not on behalf of Peninsula Federal Credit Union.