At Alternatives Federal Credit Union, we want to help you stay on top of your payments. That's why we offer SkipPayment on eligible credit union loans. For a processing fee, you can choose to skip your monthly loan payment and extend your loan period by one payment. Have more than one eligible loan? Skip a payment on each.
Use the cash to take charge of your budget, to complete a project, to cover unexpected expenses, or wherever you need to. It's our way of showing our members that we appreciate your membership and loyalty—and understand that sometimes we all need breathing room.
- A processing fee of $30 for each loan payment skipped will be deducted from your account at the time of request.
- For a loan to be eligible:
- Loans must be current at the time of request.
- Account must be in good standing.
- Loan must be open a minimum of six months
- Loan must have had at least five payments
- Borrower must have enough money to pay the fee(s) at the time of the request.
- Eligible loans include: New Car, Used Car, Older Used Car, Personal, Energy Efficiency, Credit Builder, Back on Track, Misc Secured, Share Secured, Community Partnership Loans, Business equipment loans
- Loans that are not eligible include: Mortgages and Home Equity loans, Business mortgages, Credit lines – Line of Credit, Payday loans, Open-end loans.
- A borrower may skip up to two payments on each eligible loan per rolling 12 months. Each skipped payment will extend the term of the loan by a month and increase the total amount of interest you will pay. All other loan terms remain unchanged.
It's easy to apply
There is no form to request; just ask any teller. We'll do the rest!