There are certain times of the year when it would really help to have a little extra cash on hand. Generally those times are around the summer vacation season and the holidays at the end of the year. That’s why we offer the opportunity to skip a monthly loan payment and use that cash for something else!
Put a Little Cash in Your Pocket
The opportunity to skip a loan payment is offered to DCTFCU members who meet the following criteria:
- You must be a member in good standing to be eligible.
- Your loans must be current prior to the skipped month.
- You must have the loan for at least one year.
How Does It Work?
Skip-A-Payment is offered on all loans except Home Equity Loans, Home Equity Lines of Credit, Quicksilver Line of Credit and Visa Credit Card. You must request the Skip-A-Payment at least 30 days prior to the payment due date you would like to skip. Payments normally made by payroll deduction will be credited to your savings or checking for the skipped month.
Interest will continue to accrue on your loan and the maturity date of your loan will advance by one month. A fee of $25 will be charged for each loan payment skipped.
All borrowers on the loan must sign request for the skipped payment.
Let us reward your good credit and repayment history with Skip-A-Payment! Complete a Skip-A-Payment form and return it to the credit union in person, by fax or by mail.