There are definitely privileges to membership and Skip-a-Pay is just one of them. You can skip your loan payment(s)* to give you a little extra money for holiday shopping, entertaining, catch up on other bills or book a trip to see family or friends. It’s completely up to you what you do with the extra cash.
*$25 fee per loan. Subject to approval. Eligible loans must have 6 consecutive payments posted to the account and all SPCO loans must be current and in good standing. All terms and conditions of the loan still apply. Loans with co-signers will require both signatures on the request form. No more than two skipped payments are allowed on any loan in any twelve (12) month period. Not available for mortgage and credit cards. If loan payments are automatically deducted, your regular payment amount will be deposited into your share account.