Do You Need To Skip-A-Payment?

What is Skip-A-Payment?

Mutual Security Credit Union’s Skip-A-Payment Program allows you to skip up to one monthly payments in a 12 month period on certain loans. Those payments are then added to the end of your loan term. Our skip a payment program does not impact your credit rating.

What loans are eligible for skips?

The Skip-A-Payment Program applies to all Mutual Security Credit Union loans except mortgages, home equity loans, or new loans open for less than six months.

Am I eligible to skip my payment(s)?

To be eligible, your loan must have been open for at least six months and be in good standing. You may not be eligible for other reasons, such as having an overdrawn Mutual Security Credit Union checking account or any circumstance the credit union deems derogatory related to your account.

Is there a fee?

There is a $30 fee per skip, per auto or personal loan. $15 fee per skip, per VISA loans.

How does participating in the Skip-A-Payment Program affect my loan?

The skipped months will be added to the end of your loan, extending the loan term. Interest will continue to accrue during skipped months.

How often can I skip on my loan?

As long as you continue to be eligible, you may skip any eligible loan once in a 12 month period.

Can I skip a payment at anytime?

Yes, you can, but remember that you can only skip on the same loan a maximum of one time per calendar year.

How can I apply to Skip-A-Payment? 

Simply apply online in the button below!