Need a little breathing room in your budget? With our Loan Skip Program, you can skip a qualifying loan payment and free up some extra cash for what matters most!
How It Works:
→ Skip one loan payment on eligible loans.
→ Use the extra funds for holiday shopping, vacation plans, or unexpected expenses.
→ Enjoy flexibility and peace of mind without penalties or impact on your credit score.
Loan Skip Eligibility:
- Minimum Payment Requirement: Borrowers must have made at least six payments on a new loan before being eligible for their first skip.
- Frequency Limit: Only one skip is allowed within a 12-month period. For example, if a payment was skipped in December 2023, the next eligible skip would be in December 2024.
- Ineligible Loans:
- Loans secured by real estate are not eligible for the skip program.
- Open-ended loans, such as Overdraft/Express Lines of Credit, credit cards, and HELOCs, are also ineligible.
- Payment Status: Loans that are more than 30 days late do not qualify for the skip option.
- Late Fees: If a loan is overdue and subject to a late fee, the borrower must pay both the late fee and the deferral fee to process the skip.
- Approval Process: All skips are subject to loan officer approval.
Fill out a form either in-branch or online!
If you have any questions or need assistance, feel free to reach out to our member services team.
Not a member of Freedom Credit Union? Join today!
