As a valued member with accounts in good standing, you can request deferment of your next loan payment until the following month. Eligible consumer loan types include personal and vehicle.
How to request Skip-a-Pay for your next payment: To request your payment deferral, log in to your account in Online/Mobile Banking, navigate to your loan account, look for Skip a Payment in the menu and complete the form. You can also visit any branch or call the Contact Center at 800.336.6309 for assistance. There is a $30 fee per loan, per request. The fee will be added to the loan balance. Deferring your loan payment will result in an extension of the original term and interest will continue to accrue at the rate disclosed in your original loan agreement.
It costs $30 to skip your payment per loan, and it will be added to your approved loan once you qualify for the skip.
Skip-a-Pay only applies to closed end consumer loans: personal, vehicle, and other secured loans. Real estate loans, Greenville Federal Credit Cards or Lines of Credit do not qualify. The loan origination date (which includes the last advanced or add-on date) must be six months prior to the day of the skip payment request. Extensions or alternate payments within the past six months will disqualify your loan. You must have no loss to the credit union (loans, credit cards, shares, etc.), no negative share accounts, or have modified loans through trouble debt restructuring. Your payment(s) must be made on or before the last day of the month prior to the month in which you want to skip your payment.
You need to apply at least 7 business days prior to your next due date.
Yes, interest will continue to accrue and payment protection premiums will continue to accrue during the skip period.
Loans are limited to two skips per rolling year. You must make 2 months of payments between skip requests. Secured loans have a maximum of five (5) skips during the life of the loan. If the loan includes Guaranteed Asset Protection (GAP), skipped payments are limited as follows: Loans originated before 12/15/2018, are limited to two (2) skips over the life of the loan and loans originated on or after 12/15/2018 are limited to five (5) skips over the life of the loan.
Eligibility includes the following:
If your payment transfers from a credit union account, your transfer will suspend for the skipped month. If your payment comes from another financial institution and we originated the ACH, your transfer will suspend for the skipped month. If your payment comes from another financial institution and we did not originate the ACH, contact your financial institution to suspend your payment for the skipped month.
Your automatic transfer will suspend for the skipped month.
By clicking “Accept all,” you agree Greenville Federal Credit Union can store cookies on your device and disclose information in accordance with our Cookie Policy.
