Holiday Skip-a-Pay

Last holiday season, our members donated over $11,000 to the Boys & Girls Club of Walker County through our Holiday Skip-a-Pay program!

 

Qualifying members may skip up to two payments between the months of November and January.**

 

A portion of each fee will be donated to the Boys & Girls Club of Walker County.

 

Make this holiday season a Win-Win!

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FREQUENTLY ASKED QUESTIONS

Does skipping a payment hurt my credit?

Payment history on loans and credit cards highly influences credit scores. This puts you at significant risk of hurting your score if you miss a payment without your lender’s permission. Skip-a-Pay allows you to skip without influencing your credit score.

 

Is skipping a payment worth it?

The main drawback is that a skip is not a long-term solution. It can give you room to breathe while you use your money elsewhere, safely avoiding the negative impacts of missing a payment on your loan account and also your credit score. However, interest will continue to accrue during the skipped month. Skipping payments can extend the life of the loan and increase the overall interest paid. 

 

What is a Skip-a-Pay fee?

Most financial institutions charge a small fee to process a payment skip. At CSCU, it’s a $25 fee for each payment that is skipped. 

In 2022, we began the tradition of donating all skip fees from the holiday season (November, December, and January) to the Boys and Girls Club of Walker County. We love this program as it allows us to help our members financially during the holidays, while also giving back to our community. 

 

How many times can I skip a payment?

During our Holiday Skip-a-Pay promotional period, members are limited to two (2) Skip-a-Pay extensions per calendar year. Outside of this holiday promotional period, you can skip one (1) payment per loan every 12 months, on qualified loans, subject to approval.

 

*Skipping loan payments will extend the term of the loan(s), and interest will accrue on the deferred balance of the loan(s) throughout the deferred payment period. Except for the skipped payment and the resulting change to the payment schedule, all other payment terms of your Loan Agreement/Promissory Note remain unchanged and in full force and effect. All loans must have a minimum of twelve (12) months of payment history to be eligible for the Skip-a-Payment program. During our Holiday Skip-a-Pay promotional period, members are limited to two (2) Skip-a-Pay extensions per calendar year. Not all loan types are eligible for skip-a-pay. Other terms and conditions may apply and are subject to change. A fee of $25 will be applied for each month skipped. Skip payment requests are subject to approval. All of your accounts at CSCU must be current with no collection action pending. Any credit life and/or disability insurance on the loan may extend protection beyond the original maturity date of the loan(s). For auto loan payments, please check with your GAP insurance carrier to determine how Skip-a-Payment may affect your coverage. Refer to the account and loan disclosures agreements. Contact us at 936-295-3980 or stop by one of our branch locations for any questions.