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"Skip-A-Pay" Program

Free up some funds for whatever you need with our Skip-a-Pay Program

The Members Choice Skip-a-Pay Program is a member-exclusive benefit offered twice a year that allows members to skip qualified loan payment without impacting their credit score.** That payment will then be added to the end of the loan’s term.

No impact on credit scores

Participating in Skip-a-Pay does not impact your credit rating

Available twice a year

We offer our Skip-a-Pay program seasonally twice a year – in Summer and the Holidays

Low service fee

There is a only a $35 processing fee per loan, per skip for this benefit

Who is Eligible for the Members Choice Skip-a-Pay Program?

  • Members must be in good standing (not delinquent or have a negative balance) on all accounts, including co-signer account(s).  Any currently delinquent loan, or a loan which has been previously delinquent, may be ineligible.
  • Loan must be current or in grace period; this includes any loans under your name.
  • Loan must have at least six payments credited.
  • Loan must not have had more than two skipped payments under this program within a calendar year.
  • Skipped payments cannot occur in two consecutive months; you must wait at least 60 days between skips.

What loans are eligible for Skip-a-Pay?

  • New and pre-owned auto loans
  • Signature unsecured personal loans
  • Unsecured personal loans
  • Boat/RV loans

What loans are not eligible for Skip-a-Pay?

  • Any loan over $75k
  • Any real estate or land loan
  • Any line of credit
  • Credit cards
  • Business loans
  • Share / Stock / CD-secured loan
  • Student loans
  • Smart Choice auto lease
  • Revolving loans
  • Loans not serviced by Members Choice

Will participating in the Skip-a-Pay program affect my loan?

Yes. The skipped month(s) will be added to the end of your loan, extending the loan term. Interest will continue to accrue during skipped month(s).

Skip-A-Pay FAQs

If you have automatic payments from a Members Choice account, or if we pull your payment automatically from another financial institution, we’ll arrange your skip for the program month selected. Please have your skip request to us at least five business days prior to your payment date. This gives us time to modify your ACH for the program month you’ve requested your skip.

Bill Pay is different from automatic (ACH) payments. If you use Members Choice online banking Bill Pay or Bill Pay from any other financial institution, you’ll need to log into Bill Pay to stop and restart the payment yourself. Don’t forget to turn it back on after your skip!

As long as you continue to be eligible, you may skip any eligible loan during the two seasonal offerings in a calendar year. Payments cannot be skipped in consecutive months.**
No, you need to apply for the Skip-a-Pay program during the seasonal offering period. Remember that you can only skip on the same loan a maximum of two times per calendar year, and you must wait at least 60 days between skips.
If your original loan included a co-borrower, they will need to agree to and sign the Skip-a-Pay application as well.

** The Members Choice Credit Union (Members Choice) Skip-a-Pay agreement must be signed by all borrowers of the original Loan Agreement.

The following Members Choice loan types are not eligible for the Skip-a-Pay program: Any loan over $75k, any real estate loan (including Mortgages, Home Equity, Home Improvement, land loans and HELOCs) or line of credit, credit cards, business loans, share secured, stock secured, CD secured, student loans, Smart Choice auto lease, any loan originated within the past six (6) months, loans not serviced by Members Choice and any delinquent loan. Any currently delinquent loan or a loan which has been previously delinquent, may be ineligible. Any payment deferrals or previous extensions may affect eligibility. Loan must have at least six (6) payments credited. By enrolling in Skip-a-Pay, you agree to the terms and conditions and you are requesting Members Choice to skip one monthly payment and advance the due date of your regular monthly payment by one month. Please note that by choosing to defer/skip payments on your loan(s) this may affect future payment on Life, Disability or GAP claims.

There is a $35 processing fee per approved loan that will be deducted from any Members Choice account; in addition, enrollment in the program means you authorize Members Choice to extend your final loan payment as needed. Your payment will revert back to your original payment schedule and due date following the skipped payment. Payments and credits shall be applied in the following order: accrued interest or finance charges; outstanding principal, any amounts past due. Payments made in addition to the regularly scheduled payments shall be applied in the following order: accrued interest or finance charges; outstanding principal, any amounts past due. In some cases, based on the size of your balance, the accrued interest may be greater than the amount of your next regular payment; it may take several months to begin to reduce your principal balance. Submitting the application does not guarantee approval. Members Choice has the right to refuse any Skip-a-Pay request. You agree to hold Members Choice harmless for any consequences resulting from rejection of Skip-a-Pay request. If your application is rejected, you will not incur a fee, and you will be notified by email. All other payment terms of your Loan Agreement/Promissory Note will remain in full force and effect.

The maximum aggregate number of skips and extensions should not exceed the following based on term:
36-month term – Maximum of 5 skips
48-month term – Maximum of 6 skips
60-month term – Maximum of 8 skips
72-month term and greater – Maximum of 9 skips