Skip-A-Pay
Need a little extra cash? Our Skip-A-Pay program is here to help you pause your loan payment.
How it Works
Sometimes life happens, and a little extra cash in your pocket can go a long way. With Skip-A-Pay, you can defer one monthly payment on qualified loans, allowing you to keep those funds for other priorities.
To qualify, your loan should meet the following:
- Have been open for at least 6 months
- Be in good standing with the last 3 payments made on time
- Your request is submitted before your next due date
There is a $50 fee per loan request, and you can take advantage of this option up to two times per calendar year.
Exclusions: Mortgage Loans, Home Equity Loans, Affordable Alternative Loans, First Time Auto Loans, Credit Cards, CD Secured Loans, and Loan Modifications are NOT eligible for WFCU’s Skip-a-Pay Program.
Things To Keep in Mind
While skipping a payment provides immediate relief, it’s important to understand how it affects your loan in the long run:
- Interest Accrual: Finance charges will continue to grow during the month you skip. This means the total interest you pay over the life of the loan may be slightly higher than originally stated.
- Extended Term: Your loan maturity date will be extended by approximately one month for every payment skipped.
- GAP & Loan Protection: If you have GAP and/or Loan Protection on a vehicle, please check with your insurance provider first. Deferring payments can sometimes impact how these policies calculate a future claim.
Apply Today
To learn more about Skip-a-Pay, visit any WFCU branch during business hours, schedule an appointment, or call us at 717-898-7673 option 3.
Common Questions
Skip-A-Pay simply delays your payment. It should not have any negative impact on your credit score.
When your Skip-A-Pay request is approved and processed, we’ll adjust the start date for your automatic transfer at Wheatland to keep you on schedule. You will have to adjust your bill pay with the sending financial institution for that month. You are responsible for modifying or stopping any payments that originate from a different financial institution.
Yes. If you have multiple qualifying loans (such as a personal loan and an auto loan), you can request a skip for each. Please note that the $50 fee applies per loan.
You can skip up to two payments per calendar year, provided there are at least 60 days between your skipped months.