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.

 SkipPayment requirements

  1. A processing fee of $30 for each loan payment skipped will be deducted from your account at the time of request.
  2. 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.
  1. 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
  2. Loans that are not eligible include: Mortgages and Home Equity loans, Business mortgages, Credit lines – Line of Credit, Payday loans, Open-end loans.
  3. 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!

Do you have any questions?