Take Advantage of our Skip-a-Pay Program

How to Skip Your Loan Payment When You Need the Extra Cash

At Credit Union West, we strive to help each of our members reach their financial goals. We know that the rising costs of groceries, gas, and other necessities put added strain on your finances. That’s why we offer assistance when you need it.

Skipping just one payment on your Personal, Auto, RV, Boat or Motorcycle loan can help you stay on track with your monthly budget. Our Skip-a-Pay Program lets you skip a payment on select Credit Union West loans to free up that much needed cash.

You are eligible to skip a payment if all your Credit Union West loans and accounts are current and in good standing at the time we receive your request. Your loan must be opened for more than 6 months, and you need to request a skip payment five calendar days or more before your next payment is due.

It’s important to note that there is a small Skip-a-Pay fee¹ that is due at the time of processing, and interest will still accrue during the waived period. The payment you skip doesn’t disappear, either. The skipped loan payment is deferred, but will automatically extend the loan maturity date by one month.

It’s easy to use Skip-a-Pay in Mobile and Online Banking!

1. Log in and choose Skip-a-Pay from the Transfer & Pay menu
2. Choose the loan payment that you would like to skip
3. Review your information and click Skip
   

¹ A skip a payment fee will be processed per the Skip-a-Payment agreement, for each skipped payment request.  You may not request two back-to-back Skip-a-Payments. If you have more than one qualifying loan, you may request to Skip-a-Payment on each loan. The processing fee(s) will be returned to anyone not eligible to participate in this offer. In order to skip your payment, all loans and accounts must be current and in good standing at the time we receive your request, and your loan must be opened for more than 6 months. The deferral of loan payments pursuant to this agreement will automatically extend the loan maturity date by a corresponding period of time. Deferral of payments will reduce the portion of future payments applied to principal resulting in a larger final payment, or negative amortization. Interest and any voluntary insurance premiums, if applicable will continue to accrue as usual during the deferral period. The number of Skip-a-Payments in a rolling 12-month period is limited to a maximum established by the credit union and may be subject to change. Certain restrictions apply and not all loans are eligible for this program. In some instances, it may be required that the member authorize having a credit bureau pulled for review. Subject to credit qualifications and performance. Program subject to change at any time.

² There is a one-time Payment Extension Fee for each loan extension per the Credit Unions Fee Schedule. Please refer to the applicable Fee Schedule available online at cuwest.org/resources/rates-and-fees. Payment Extension Fee will be returned to anyone not eligible to participate in this program. The deferral of loan payments pursuant to this agreement will automatically extend the loan maturity date by a corresponding period of time. Deferral of payments will reduce the portion of future payments applied to principal resulting in a larger final payment, or negative amortization. Interest and any voluntary insurance premiums, if applicable will continue to accrue as usual during the deferral period.  Certain restrictions apply and not all loans are eligible for this program. In some instances, it may be required that the member authorize having a credit bureau pulled for review. Subject to credit qualifications and performance. Program subject to change at any time.