Keep Cash in Your Wallet with Anytime Skip a Payment
Life doesn't always go according to plan. Unexpected expenses, seasonal costs, holidays, vacations, or back-to-school shopping can put extra pressure on your monthly budget.
Circle Federal Credit Union's Anytime Skip-a-Payment program gives eligible members the flexibility to defer a qualifying loan payment when they need additional cash flow. Instead of making your regular loan payment that month, you can postpone it and free up money for other financial priorities.
What Is Skip-A-Payment?
Skip-a-Payment allows eligible members to postpone one scheduled payment on a qualifying loan.
Rather than making your regular payment during the approved month:
- Your payment is deferred.
- The skipped payment is added to the end of your loan.
- Your loan maturity date is extended accordingly.
- Interest continues to accrue based on the terms of your original loan agreement.
This option can provide temporary financial flexibility when unexpected expenses arise or you simply need a little extra room in your monthly budget.
Program Highlights
Circle FCU's Skip-a-Payment program offers:
- Skip qualifying loan payments for a $35 processing fee per eligible loan
- Use the program up to twice each calendar year
- Convenient online requests through It'sMe247 Online Banking
- In-branch assistance from Circle FCU team members
All requests remain subject to eligibility requirements and program approval.
Eligible Loans
Skip-a-Payment is available on many consumer loan types, including:
- Auto Loans
- Personal Loans
- Motorcycle Loans
- Boat Loans
- RV Loans
- Other qualifying secured consumer loans
If you're unsure whether your loan qualifies, a Circle FCU representative can review your account before you submit your request.
Loans That DO NOT Qualify
Certain loan products are excluded from the Skip-a-Payment program.
These include:
- Mortgage loans
- Home Equity Loans
- Home Equity Lines of Credit
- Unsecured Lines of Credit
- Visa Credit Cards
- Other real estate-secured loans
These exclusions help ensure the program complies with the terms of each loan product.
Eligibility Requirements
To participate, members must meet the program guidelines.
Generally, eligible loans must:
- Be current and in good standing.
- Not be more than 8 days delinquent.
- Have been open for more than 45 days.
- Not be associated with a frozen account.
- Have received at least one regular payment if the loan is newly originated.
- Not have received a hardship extension during the current year.
Additional restrictions may apply, and all requests are reviewed before approval.
Q&A's
Is there a fee for Skip-a-Pay?
A Skip-a-Pay fee per loan skipped will be subject to a $35 fee.
When can I request a skip?
All requests cannot exceed 8 days after the due date, when the loan is considered delinquent.
Can I skip two payments in a row?
No. A skipped payment can not be submitted consecutively on a given loan.
How does skipping affect finance charges?
Finances charges will continue to accrue at the rate provided for in your original loan agreement. Deferring payment(s) will result in a higher total finance charges than if payments are made as originally scheduled and will extend the term of your loan(s) resulting in extra payment(s)after your loan(s) would otherwise be paid off.
Which loans DO NOT qualify for Skip-a-Pay?
Real Estate Loans, including Conventional, Government, ARM, Balloon, Jumbo, Construction, Vacant Land, and Home Equity loans. Unsecured Lines of Credit and Visa Credit Cards also do not qualify.
How to Skip Your Payment
You can skip your payment by stopping into a branch location near you, or by skipping your qualifying loan payment through It'sMe247 Online Banking. Login, click on 'Skip a Payment' and follow the prompts.
For new loans, a first payment must be made. Maximum of 6 deferements during the life of the loan. If you elected GAP insurance, credit life insurance, disability insurance, or debt protection, the coverage will not extend beyond the original maturity date of the loan as disclosed in the original loan documents. Certain loans may require an interest only payment to be made in order to complete the skip-a-payment request. Any loan that received a hardship extension in the current year may not qualify for the skip-a-payment program. Restrictions may apply. You will be notified if for any reason Circle FCU will not be able to honor the Skip-A-Pay request.
