Skip-A-Payment

To be able to skip your loan payment(s) for a month can be a welcome alternative when you experience unexpected expenses or events.

One Month per Calendar Year

You choose one month per calendar year in which you want to skip payments on one or more of your eligible loans.

For additional information and fees, please read the new Skip-A-Payment Terms, Fees and Disclosures below.

Holiday Club Accounts

If you use Skip-A-Payment for extra cash during the holidays, we have a better option for you—a Holiday club Account! Not only will you have cash for the holidays, you will save money by not extending the terms of your loan and paying extra interest. To set up a Holiday Club account, give us a call at 209-549-8500 or 877-549-4567.

Skip-A-Payment Terms, Fees and Disclosures Fees apply per loan: $10 – Online Skip-A-Pay via Home Banking $30 – Manual Skip-A-Pay completed by Member Service Specialist Fee(s) will be deducted, at time of request, from the Valley First Credit Union share account selected during set up process. Request(s) will be denied if there are insufficient funds for fee(s). Mortgage loans, Overdraft Protection, Visa®, MasterCard and past due loans are not eligible. To be eligible, loans must have been open a minimum of twelve (12) months prior to the due date being skipped. Requires a minimum 620 Experian FICO credit score (based on current Quest Score). All share and loan accounts must be in good standing. No shares may have a negative balance, and all loans must be current at the time of the request (ten-day grace period does not apply). You may not have any charge offs, bankruptcy filings or repossession against the credit union. You may choose one month per calendar year in which you want to skip payments on one or more of your eligible loans. Any month can be selected, however, two consecutive months may not be skipped. If you skip December in current year then you cannot skip January of following year. You are able to request Skip-A-Payment up until 6:00 p.m. on the business day prior to the loan due date. The earliest a Skip-A-Payment can be requested is after you make your payment for the month prior to the month you want to skip. FINANCE CHARGES will continue to accrue at the rate provided in your original loan agreement. Deferring payment(s) will result in higher total FINANCE CHARGES than if payments were made as originally scheduled; and will extend the terms of loan(s) resulting in extra payment(s) after your loan(s) would otherwise be paid off. Regular payments will resume on the fi rst regular payment date of the month following the skip. If you previously elected Credit Life and/or Disability Insurance, premiums will continue being added to the loan(s) during the extended term months in order for benefi ts to continue. If you have GAP insurance, the coverage will not extend beyond the original maturity date of the loan nor will GAP cover the defi ciency balance arising from skipped payments as disclosed in the Installment Sales Contract/Loan GAP Waiver Addendum Election Form. All deferrals subject to approval. Restrictions may apply. Valley First Credit Union reserves the right to discontinue or modify Skip-A-Payment at any time if it is deemed to be in the best interest of the credit union.