Blog | Keeping Summer Plans Afloat
Schools out suns up. Summer is here, which means it is time to travel and have fun. With beach trips, amusement park days, trips to the zoo, and cooling off at the movie theatre, you might see a dip in your account funds.
How can you get summer ready last minute?
A Personal or Small-Dollar loan is always an option. However, if you are not eager to add another monthly payment, you can always try out a Skip-a-Payment.
By skipping your monthly loan payment, you can use the money typically used for your loan and use it for other expenses.
Things to keep in mind when skipping a payment:
- Eligible loans can use a Skip-a-Payment up to five times with a maximum of two skips in a rolling twelve months. Skips cannot be consecutive. You could skip your loan payment this summer and again during the holidays if needed!
- Skipping a payment will push your current payment back, extending the life of your loan.
- You can skip multiple loans during the same month as long as they are eligible for a Skip-a-Payment. For instance, if you have two eligible auto loans, you can skip both payments for the month.
- The Skip-a-Payment will defer the total monthly payment if your loan is paid once a month, bi-weekly, or otherwise.
Getting Started:
- Fill out the Skip-a-Payment form online, in person, or by calling us at 800-375-3674.
- Return the form by mail, fax, or drop it off at one of our locations.
- Enjoy skipping your payment!
Skip-a-Payment
Form must be signed in order to be accepted. By skipping your loan payment, you authorize Resource One Credit Union to defer your monthly loan payment and a $40 fee for using the Skip-a-Payment program will be collected as part of the deferred payment. Finance charges will continue to accrue on your unpaid balance. The Skip-a-Payment program will extend the final loan payment for each Skip-a-Payment granted on the loan. Using the Skip-a-Payment program does not change the original loan terms or your legal obligation to Resource One Credit Union. Mortgages, Home Improvement loans, Line of Credit loans, Balloon Notes, Home Equity, Home Equity Line of Credit, Home Improvement Personal Loans, Credit Builder, Secured Loans, Leases, Lender’s Protection Auto Loans, and any loans with an original term greater than 72 months are exempt from the Skip-a-Payment program. For qualified members. Member account must be in good standing to take advantage of this offer. The credit union reserves the right to determine if prior or subsequent action may disqualify your loan. Skips cannot be consecutive and new loans must have six consecutive payments made on time before taking advantage of this program. Only two skips per loan per rolling 12 month period with a maximum of five for the life of the loan.
