You may be eligible to skip your loan payment and free up some extra cash. For only a $30 processing fee per skipped loan payment, members with eligible* loans can skip up to two monthly payments per year. Interest will continue to accrue on your loan and your maturity date will be extended when your payment is skipped. Simply call the Credit Union at least 7 days in advance of your due date to schedule your Skip-A-Pay.
The Skip-A-Pay Program Features Include:
- FLEXIBILITY Gives you the flexibility to skip a payment when you need it most.
- CONVENIENCE You are now able to skip up to two months per year! (Maximum of 6 per life of the loan)
- LOW COST There is a $30 processing fee per loan for each monthly payment you choose to skip.
- EASY APPLICATION Skip-A-Pay requests must be made 7 days prior to loan payment due date. You can simply submit a request in person or over the phone!
Ready to Skip Your Payment?
1. Contact the credit union and tell us which loan payments you’d like to skip at least 7 days prior to the due date.
2. You can call 866.4ILWUCU (866.445.9828) or visit a branch.
3. Pay the $30 processing fee per loan payment skipped from your savings or checking account.
If you have any questions, please review the Skip-A-Pay Frequently Asked Questions (FAQs) and terms and conditions or call us at 866.4ILWUCU (866.445.9828) and we’ll be happy to help you.
*The Skip-A-Pay Program is valid for Auto and Signature loans only. Skip-A-Pay is not valid for Mortgage, HELOC, Line of Credit loans, or Credit Cards. Your loan must be in good standing to qualify and one month’s worth of prior loan payments must have been made. Any payments skipped will be added to the end of your loan term and normal interest charges will continue to accrue. Additional restrictions may apply. Please see terms and conditions. All normal loan programs and policies will continue to apply to the loans that have had payments skipped.