If you have an existing vehicle or personal loan and find yourself short on cash one month, our Skip-A-Pay program gives you the option to skip your loan payment!
If you do not have a negative balance on any of your accounts, a loan holder is allowed to skip one payment per calendar year. Five Skip-A-Payments are allowed in the lifetime of the loan.
A member must make a minimum of ten payments before the first Skip-A-Payment is allowed.
Please note that by skipping a payment you are extending the maturity date of the loan by one month.
There is a $25.00 fee associated with the Skip-A-Pay program. That money will automatically be deducted from the member’s share or checking account. If less than $25.00 is in the account, a member will still be able to Skip-A-Payment, but their share or checking account will become negative and the member is then responsible for making a deposit into their account to remedy the negative balance.
The Skip-A-Payment option is not reversible.
At this time the Skip-A-Pay program is only offered in personal at any of our six San Francisco Federal Credit Union branches. Soon it will be offered via our Online Banking and Mobile products.