Skip-a-Payment: A Simple Way to Free Up Cash!
At R-G Federal Credit Union, we know that life can get expensive, especially during the holidays or summer months. That’s why we’re offering our Skip-a-Payment program to help you manage your budget with ease. By deferring one monthly loan payment, you can free up funds for day-to-day expenses without the stress of high-interest credit card charges.
Why Choose Skip-a-Payment?
- Extra Cash Flow: Use the money from your skipped payment for holiday shopping, vacations, or unexpected expenses.
- Flexibility: Skip a payment on eligible loans, including auto, recreational vehicle, boat, and signature loans.
- Simple Process: It’s easy to request and complete the form online.
ACCESS OUR ONLINE SKIP-A-PAY FORM
Skip-a-Payment FAQs
What is Skip-a-Payment?
Skip-a-Payment allows you to defer one monthly payment on eligible loans. This can help free up funds during costly times of the year, like summer or the holidays, when you may need extra cash flow.
What loans are eligible for Skip-a-Payment?
You can skip payments on the following loans:
- Auto Loans
- Recreational Vehicle or Boat Loans
- Signature Loans
- Share Secured Loans
- Other closed-end loans
Note: Skip-a-Payment is not available for Single Payment Loans, Credit Cards, Home Equity Loans/Lines of Credit, or Mortgages.
How often can I use Skip-a-Payment?
You can only skip one loan payment per year, per loan. Over the life of the loan, you can skip a maximum of five payments, including hardship extensions.
Is there a fee for Skip-a-Payment?
Yes, there is a $25 fee per skipped payment. This fee will be deducted from your R-G FCU savings or checking account.
How will skipping a payment affect my loan?
Skipping a payment will extend your loan term by one month, and interest will continue to accrue during that time. You will end up paying slightly more in overall interest over the life of the loan for this service.
How can I request a Skip-a-Payment?
It’s simple! Follow these steps:
- Complete the Skip-a-Payment Request Form online, or contact us if you need to request a paper form.
- Ensure the $25 fee is available in your designated R-G FCU account.
- Within two business days, we’ll contact you to finalize the request and provide the Skip-a-Payment agreement for your signature.
How do I transfer or deposit money to cover the Skip-a-Payment fee?
You can add funds to your R-G FCU account in the following ways:
- Online Banking or RG Mobiliti: Transfer funds or use remote deposit capture.
- Shared Branches or ATMs: Deposit cash or checks at any R-G FCU branch or participating shared branch.
Important Considerations
While Skip-a-Payment can help during times of financial strain, it’s important to be aware of the following:
- Longer Loan Term: Skipping a payment adds one month to the life of your loan.
- Accrued Interest: Interest continues to accumulate on the loan balance, and your next payment will cover interest first.
- GAP Insurance: Some GAP policies may not cover skipped payments, so check your policy before opting in.
Request Your Skip-a-Payment Today!
Ready to take advantage of Skip-a-Payment? Follow these simple steps:
- Complete the Skip-a-Payment Request Form.
- Make sure your account has the $25 fee available.
- We’ll contact you within two business days to finalize your request.
For more details, check out the full Skip-a-Payment FAQ above or give us a call at 816-783-5900 for assistance.