State Police Credit Union - Skip-a-payment

Need to cover unexpected expenses this month?

Eligible SPCU members can skip a monthly payment on a qualifying loan for a small fee with no adverse effect on your credit!

Submit a Skip-a-payment request with a $20 fee to skip one regular monthly loan payment.

Requests must be submitted no less than five business days prior to the loan due date. Each Loan Skip-a-payment request will require a separate form.

Loans that qualify for this program include:

Vehicle Loans
Recreational Vehicle/Watercraft Loans
Personal and Shared Secured Loans
VISA balances

(First Mortgages, Second Mortgages, Home Equity Loans, Home Equity Lines of Credit are not eligible).

Eligibility

To qualify for Skip-a-payment, you must satisfy all of the following requirements:

All accounts at State Police Credit Union must be in good standing.
Loan must be current at the time of request
Request made at least five (5) days prior to the next due date.
This program is not available on loans during the first twelve (12) months of the loan agreement.
Two requests maximum per calendar year; you cannot skip two months back to back.
Maximum of four (4) approved requests per loan term.
A $20 non-refundable processing fee will be accessed for each request.
This request must be signed by all persons who signed the original note

Skip-A-Payment Loan Extension Application

Member Name

Member Number

Phone Number

Email Address

Loan/Suffix

Payment Amount

Month to Skip

Member Signature

Date

Co Borrower Signature

Date

I (We) wish to participate in the Skip-a-Loan payment offered by the State Police Credit Union and requested by the borrower(s). I (We) understand that by participating in this program, the original term of the note will be extended. I (We) also understand that the interest will continue to accrue during the extension period (the month skipped) and that a greater portion of my next payment will be applied to interest. I (We) remain obligated for the payment of both principle and interest at the same rate of interest provided in the original note. I (We) am bound by all provisions of the original note and understand that the original note remains in full force and effect except for those changes made in this agreement. I (We) realize that it will take a longer time to pay off what is owed than stated in the original note, that the finance charges and total payments will be higher than the original amount stated.

I authorize State Police Credit Union to deduct a $20 fee for this skipped SPCU loan.

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