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
- Log into It’s Me 247 Online Banking.
- View your accounts and look for the “SP” icon next to qualifying loans.
- Select “SP” and follow the onscreen instructions.
- Submit the request and you’re done!
What if my loan doesn’t qualify?
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. If you have modified your loan within the last 36 months you will not qualify for the Skip A pay program. You can not skip more than 2 payments in a calendar year. You cannot skip 2 payments in a row.
- A processing fee of $35.00 per loan will apply. This $35.00 will be applied to either your savings or checking account with SBCU. If you are not approved for the Skip A Pay program, your fee will be refunded. You must maintain a minimum balance of $5.00 in your savings accounts at all times. 3. Credit Card loans, loans secured by real property or loans with force-placed insurance are not eligible. 4. 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. 5. If your loan is paid via payroll deduction or other automatic deduction, the deduction will occur as it normally would.
PLEASE CALL THE CREDIT UNION AT (310)374-3436 TO ALLOW STAFF TO ADJUST YOUR AUTOMATIC PAYMENT SO THAT IT DOES NOT OCCUR WITH YOUR SKIP A PAY REQUEST.
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. 6. Your regular monthly loan payments (and any preauthorized transfers) shall resume in the month immediately following your skipped payment(s).