Skip A Pay

Sometimes you just need a vacation from your loan payments. For a small fee of $35, we offer members a flexible option to “Skip” a payment on their eligible auto or signature loan once every six payments. From covering unexpected expenses to freeing up extra cash for an important project, Skip a Pay is another way we can help you take more control over your money.

Easy Online Access – Check to see if your loan qualifies

  1. Log into It’s Me 247 Online Banking.
  2. View your accounts and look for the “SP” icon next to qualifying loans.
  3. Select “SP” and follow the onscreen instructions.
  4. Submit the request and you’re done!
Snippet from It’s Me 247

What if my loan doesn’t qualify?
See the terms and conditions below, the most likely scenario is that the loan hasn’t had 6 initial payments or it hasn’t had 6 payments since your last skip.  You can come back to It’s Me 247 anytime and check for eligibility.

Skip a Payment Terms and Conditions
  • To qualify, you must have made at least six (6) consecutive on time, monthly payments on the loan at issue, and at least six (6) months must have elapsed since your last skipped payment under a prior Skip A Pay program. If you have modified your loan within the last 36 months you will not qualify for the Skip A pay program. You cannot skip more than 2 payments in a calendar year.
  • A processing fee of $35.00 per loan will apply.  If you are not approved for the Skip a Pay, your fee will be refunded.  You must maintain a minimum of $5 in your savings account at all times.
  • If your loan is paid via payroll deduction or other automatic deduction, the deduction will occur as it normally would. The amount of the deduction normally applied to your loan will then be deposited into your savings or checking account. If your loan is paid via a transfer from your SBCU savings or checking account, the payment will be adjusted during your skipped month(s) and no funds transferred.
  • Your regular monthly loan payments (and any preauthorized transfers) shall resume in the month immediately following your skipped payment(s).
  • Loans secured by real property, home equity lines of credit (HELOCs) or loans with force-placed insurance are not eligible.
  • When you skip a payment, interest will continue to accrue on your loan during the month(s) you skip, which may result in paying higher interest over the life of the loan. Credit insurance protection premiums charges (if applicable) will continue to accrue. On closed-end loans, your loan maturity date will be extended by one month (or a one month “equivalent”) for each monthly payment you skip.
  • For members who have Guaranteed Asset Protection (GAP), claim coverage does not extend to the amount of payment(s) deferred.  In addition, the coverage will not be extended beyond the original maturity date.