Take a Break – Skip Your Next Loan Payment with TEGFCU Skip-a-Pay!
Ever wish you could hit “pause“ on your monthly loan payments? You can!
Take advantage of TEGFCU’s Skip-a-Pay to free up your cash flow and gain flexibility. You can take a break from your monthly loan payment on your eligible credit union loan(s) for a small fee.
At times, financial stress can leave people strapped for cash. Instead of using credit cards for everyday expenses and facing steep interest rates, there’s a potential alternative: postponing your monthly loan payment. This may free up the funds you need to prevent you from ending the month in the red.
The TEGFCU Skip-a-Pay is offered year-round
and features
3 Easy Steps
Log into Digital Banking
Go to Transfer & Pay
Select Skip-A-Pay to see if your TEG loan is eligible to skip
How Skip-a-Pay works
- A low $35 non-refundable processing fee will be withdrawn from your TEGFCU share or checking account for each loan you choose to skip. This fee cannot be rolled into the loan(s) balance, and interest will continue to accumulate on your loan during the month you skip your payment.
- Most TEGFCU vehicle and personal loans are eligible. Loans NOT ELIGIBLE include real estate loans, business loans, fresh start loans, first-time borrower unsecured loans, share/certificate secured loans, workout loans, bankruptcy loans, and lines of credit or credit cards.
- Loan must be open for a minimum of (6) months before skipping loan payment.
- The loan cannot have more than 12 skips during the life of the loan.
- Request must be submitted 7 days before the due date.
- Your account must be in good standing, and all loans and account balances must be current.
- ALL Borrowers/Guarantors who signed the original agreement must sign the form.
How do I know if I am eligible for Skip-a-Pay?
To be eligible to skip a loan payment, you must:
- Be in good standing with the credit union.
- Loan must be at least 6 months old.
- Loan cannot be more than 15 days past due.
- Loan cannot be a home equity loan or line of credit, mortgage, mobile home loan, overdraft line of credit, cash line of credit, business loan, credit card, share/certificate secured loan, lease, Fresh Start loan, or First Time Borrower Unsecured Loan
- Loans cannot be included in bankruptcy where the debt has not been reaffirmed.
- Loans cannot be workout loans due to financial hardship.
- Two skips are permitted per loan in a rolling 12-month period.
- Loans cannot have more than 12 skips during the loan’s life
Remember
You must have an eligible loan type and be approved for the “Skip-a-Pay” program. It’s easy to do with digital banking. Not sure? Please contact a TEG Federal Credit Union representative with your member number handy and let us know which loan payment(s) (loan ID) you want to skip. We will review your loan and confirm that it meets the skip-a-pay requirements.
*This offer is extended based on creditworthiness. Participation in the Skip-A-Pay program cannot have more than 12 skips during the life of the loan for each qualifying loan product. Offer participation may be adjusted or revoked at any time. See credit union for details.
By submitting a Skip-a-pay request, you authorize TEGFCU to advance your loan due date by one month on the loan and acknowledge that this may extend the maturity date of your loan. Requests will be processed by the end of the next business day and are subject to approval. The credit union is informally permitting you to defer payment for the month indicated above. When processed, a $35 non-refundable fee will be withdrawn from your TEGFCU account for each loan you choose to skip a payment. The processing fee cannot be rolled into the loan(s) balance. Skip-a-pay election form MUST be received 7 business days before your payment due date in the month you wish to skip to ensure the payment is skipped. Interest will continue to accrue on your loan during the month you skip your payment. If you purchased GAP coverage with your auto loan, we are hereby notifying you that GAP coverage does not allow for any extensions during the life of the loan. If you take extensions, including “skip-a-pays,” the missed payments will be deducted from the amount you will receive if you file a claim. Life, disability, and involuntary unemployment insurance may be affected. For weekly, bi-weekly, or semi-monthly payments, the loan will be advanced 4 weeks.
