SKIP YOUR LOAN PAYMENT

Being a GCEFCU member has many perks – Including the option to skip your loan payment when you need it most. Members are allowed to skip their loan payment(s) up to two times per calendar year. See if your loan is eligible for Skip-A-Pay by reading the criteria below:
 

You ARE eligible if:

You are NOT eligible if:

You are not negative, past due, or delinquent on any accounts or loans that you have with GCEFCU.

You are negative, past due, or delinquent on any accounts or loans that you have with GCEFCU.

Your loan is eligible (Real Estate Loans, Term Loans, and Credit Cards are NOT eligible).

The payment you are trying to skip is for a Real Estate Loan, Term Loan, or Credit Card.

You have made 3 monthly payments or more to your loan already.

You haven’t made at least 3 monthly payments to your loan.

You made your loan payment for the month prior.

You skipped/deferred last month’s loan payment.

You haven’t skipped your loan payment or received 2 or more loan extensions already this year.

You have received 2 or more loan extensions during this calendar year.

You have current insurance on your collateral loan.

You do not have current insurance on your collateral loan.

 

How to Skip Your Payment

For your convenience, we have updated our Skip-A-Pay process! You may now see which of your loans are eligible for Skip-A-Pay within online banking, select which loan(s) you would like to skip, select which account you would like the $25 fee to be paid from, and more. The best part – It is all automatic! Once you hit submit, your loan payment will automatically advance to the next month.

Step By Step Instructions:

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  1. Login to online banking and select the Skip-A-Pay option from the menu.
  2. Select the loan(s) that you would like to skip. If your loan is eligible for Skip-A-Pay, it will display a checkmark.
  3. There is a $25 fee per loan payment skipped. Select which account you would like the $25 fee to be paid from.
  4. Review the terms of the agreement and check the I Agree box.
  5. Click Submit and you are done! Your loan payment will automatically advance to the next month.

 
Below are a few things to remember:

  • If you have set up automatic transfers to your loan payment, you will need to log into online banking and advance your loan payment(s).
  • If the credit union set up your automatic transfers, we will advance your loan payment for you.
  • Interest will continue to accrue during the “Skip-A-Pay” period and that by
  • If your loan is paid weekly, bi-weekly, or semi-monthly, the agreement will allow you to skip your payment for two payments during the Skip-A-Pay month.
  • Once you submit your request, your payment will be automatically skipped