Skip A Pay Can Allow You to Skip Your Monthly Loan Payment
Are you looking for a financial boost, maybe a way to defer existing loan payments? Carolinas Telco Federal Credit Union (CTFCU) now offers Skip A Pay, on qualified loans, for only $40 per approved request. This service is available year-round, not just for the holidays!
- Most vehicle, secured, personal and other unsecured loans qualify and must have completed six months' worth of payments after opening.
- Some loans, such as a mortgage, home equity, credit card, savings secured loans do not qualify.
- Application required for each loan skipped.
- Payment may be deferred twice every rolling 12 months, with no maximum of skips during the life of the loan.
- All loans with CTFCU must be current to qualify.
- All shares with that account must be current and in good standing to qualify
- Once a skip is processed, it cannot be canceled and the fee is non-refundable.
The Skip A Pay Fee: $40 per request
Each eligible Skip-A-Pay request will skip one months’ worth of payments, as follows:
- If payments are scheduled to occur weekly, the next 4 payments will be skipped.
- If payments are scheduled to occur biweekly, the next 2 payments will be skipped.
- If payments are scheduled to occur semimonthly, the next 2 payments will be skipped.
- If payments are scheduled to occur monthly, the next 1 payment will be skipped.
APPLICATION:
- Members may request a Skip-a-Pay through Online Banking or by contacting us at 1-800-622-5305
- You can request that the fee be transferred from a Savings or Checking account.
It's simple to do and you’ll have extra cash available for holiday expenses, gifts, or to simply catch up on finances. This service is available year-round, so contact us to skip a qualifying loan at any time. If you have a question regarding your loan and qualification, contact us at 1-800-622-5305.
