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SKip A PAY

What is skip-a-payment

Skip-a-payment is a program that gives members a chance to skip a monthly loan payment during a tight financial season. Most credit unions offer it during the holidays!

Here at We Florida Financial, we understand that the holidays can be expensive for our members. That’s why we offer you our own gift this time of year: the option to skip a monthly loan or credit card payment to give you that extra cash flow. It’s more breathing room in your budget, just when you need it most!

Here’s what you need to know about skip-a-payment:

How our skip-a-payment works

Members with eligible loans are invited to skip their December loan payment(s)! A processing fee of $39 is added to the loan balance of all loans with skipped payments. Our skip-a-pay promotion is offered through online banking and the skip-a-payment widget is now accessible for our members.

 

Why choose skip-a-payment 

The primary benefit of choosing to skip a payment is the extra cash flow. During an expensive time of year, members may be strapped for cash. Skipping a payment frees up funds for day-to-day expenses. Removing the financial stress also makes these times of year more enjoyable.

It’s important to consider these points before choosing to skip a payment:

  • Longer loan term. The monthly payment you skip now is moved to the end of the loan. This means you’ll pay off this loan one month later than planned. 
  • Accrued interest. While skipping a payment gives you a break from paying down the loan balance, interest still accrues on the loan.  

What to know before skipping a payment

Know that many people fall out of the habit of making their monthly payments when they choose to skip just one payment. Payment history influences credit scores the most, putting you at risk of hurting your score if you skip a payment without your lender’s permission. Be sure to make your full payments next month.

Also, if you feel like you could use skip-a-payment every month, you may be in financial trouble. Speak to a service representative or check out the free services provided by our partner, KOFE (Knowledge of Financial Education) for advice on money management, debt counseling, and budgeting tips! We are here to ensure your financial success.  

For more information on KOFE, visit: https://www.wefloridafinancial.com/index.php/learn/financial

 

 

A non-refundable participation fee of $39 will be assessed for each Skip-A-Payment request. You will resume making the regularly scheduled loan payment with the first payment due in January 2022. Interest will continue to accrue on the loan. No late charge or penalty will be assessed. This election will result in an extension of the loan maturity date, the number of total payments, the total interest on the loan, and may reduce Guaranteed Asset Protection (GAP) coverage on your loan. Skipped payment affects how future payments are applied to principal and interest. Offer ends November 30, 2021.

1Restrictions: Skip-A-Payment does not apply to first mortgages, credit cards, business loans, leases, airplane loans, loans granted under the TCN or Global Learn programs, Sterling Boat program or loans that have received emergency payment deferral(s) greater than 90 days. Only loans opened before June 1, 2021 are eligible for a Skip-A-Payment offer. The loan account must be current and in good standing to apply. 2The fee amount is added to the loan account balance. This offer is non-transferable.

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