Free up your funds for any reason. We make it easy to get the financial flexibility you need.
– Skip one qualified loan payment each year*
– Put your money to use where it can help you most
– Make sure your accounts are current, with no collection actions pending
– Once you’ve made at least 12 payments, you can request to skip a payment
– Limited to one skip per loan per year (every 12 months)
Important Note
Skip Reminder for Auto Loans
If you plan to skip payments on an auto loan, please check with your GAP insurance carrier to determine how Skip-a-Pay may affect your coverage.
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 skip 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 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 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?
You can skip one 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 payment history to be eligible for the Skip-a-Payment program. Outside of special promotions, Skip-a-Payments are limited to one (1) skip per loan in any twelve (12) month period, 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 a location close to you for any questions you may have.