SKIP-A-PAY

With our Skip-A-Pay program you can skip your qualified loan payment and use those funds to enjoy your time with friends and family.
University Credit Union's Skip-A-Pay program gives you the option to defer one month's payment on an eligible loan by pushing the payment to the end of the loan for a small fee.

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Skip-A-Pay Rules

  • You can have no more than 2 skipped payments on the loan in a 12-month period.
  • The $19 fee for each monthly payment which is skipped, must be paid by withdrawal from your account or by mailing in a check
  • If loan is a mortgage, home equity, commercial or student loan, it does not qualify for our Skip-A-Pay program.
  • UFCU must have the title(s) naming UFCU as lienholder and proof of insurance for any and all collateralized loans you currently have with us to qualify.
  • For credit card or overdraft line-of-credit loans, the requested Skip-A-Pay must be for the payment currently due in the month the request is made.
  • All accounts must be in good standing
  • You must complete the current Skip-A-Pay form and return to UFCU.
  • If the loan is set up with reoccurring ACH, payroll or auto transfer payments, you agree to allow UFCU to suspend the payment for the month of the requested skipped payment, and you also agree to allow UFCU to reinstate the payment after the requested Skip-A-Pay period.

Promotional Rules

  • You must have made 1 payment on loan to qualify

Hardship Rules

  • You must have made 12 payments on loan to qualify.
  • You must have made minimum of 6 consecutive payments since your last skipped payment on the loan.

Disclosures: Mortgage loans, home equity loans, commercial loans, student loans, or collateralized loans for which UFCU has not received proof of insurance or the collateral’s title naming UFCU as the only lien holder of record do not qualify for the Skip-A-Pay program. All accounts must be in good standing to qualify. Promotional Skip-A-Pay skipped payments will not be authorized for the first payment due. Other Skip-A-Pay skipped payments will not be authorized until the first 12 monthly payments on the loan have been made. If the loan is set up with reoccurring ACH, payroll or auto transfer payments, you agree to allow UFCU to suspend the payments for the month of the requested skipped payment, and you also agree to allow UFCU to reinstate the payment after the requested Skip-A-Pay period. A $19 fee will be assessed for each monthly payment which is skipped using the Skip-A-Pay program.

By utilizing Skip-A-Pay, interest will continue accruing on the unpaid balance of your loan at the Simple Interest Rate designated in your agreement until your balance is paid in full, and that skipping a payment will have the result of increasing the total amount of interest paid, in which case you may be required to make a lump-sum balloon payment on your originally scheduled maturity date.