Skip-A-Pay

The Skip-A-Pay Program is available for most consumer installment loans, like vehicle loans and personal loans. Skip-A-Pay is not available on mortgages, home equity loans, VISA® accounts, business loans, new loans open for less than six months, and loans started with Upstart.

To be eligible for Skip-A-Pay your loan must meet the following guidelines:

• The loan must have been open for at least six months.
• The loan cannot be more than 10 days past due at the time the skip-a-pay request is made.
• Payments cannot be skipped in consecutive months and cannot be skipped more than twice in any twelve-month period. Please note: once two skips have been used in a twelve-month time period, you must wait a full twelve months before being eligible to reapply.
• Mortgages, home-equity loans, and VISA® credit cards (including share-secured credit cards) are not eligible.
• Seattle Credit Union reserves the right to decline a Skip-A-Pay request due to poor payment performance or any other circumstance we deem derogatory related to a member’s account(s).
• Interest continues to accrue on skipped payments based on the outstanding principal balance. This may result in a reduction in the amount of principal paid by subsequent payments.
• Any credit life, disability, debt protection, and/or GAP coverage on a given loan may not extend beyond the original maturity date.

There is a $29 fee per skip, per loan.

Tip: To avoid any processing delays, it is best to have the $29 deposited and available in your account.

The skipped months will be added to the end of your loan, extending the loan term. Interest will continue to accrue during skipped months.

The fastest way to apply for Skip-A-Pay is by logging in to online banking. From the online banking menu in both desktop and on our app you can access the Skip-A-Pay application, Accounts > Online Forms > Skip-A-Pay. If applying online is not an option, there is a printed form option, located below, which can be mailed or delivered to one of our locations.

Typically, it will take 3-5 business days for approval processing of a Skip-A-Pay. The fastest way to apply is through online banking. In online banking you will see the new loan due date update when approved. All Skip-A-Pays do require your loan to meet the eligibility criteria. If after 5 business days you need assistance with the status of your Skip-A-Pay, please give us a call.

If you have automatic payments from a Seattle Credit Union account, or if we pull your payment automatically from another financial institution, we’ll arrange your skip for the month you selected. Please have your skip request to us at least seven (7) business days prior to your payment date. This gives us time to modify your ACH for the month you’ve requested your skip.

Bill Pay is different than automatic (ACH) payments. If you use Seattle Credit Union’s Bill Pay or Bill Pay from any financial institution, you’ll need to log into Bill Pay to stop and restart the payment yourself. Don’t forget to turn it back on after your skip!

As long as you continue to be eligible, you may skip any eligible loan up to two times in a 12 month period. However, payments cannot be skipped in consecutive months AND once two skips are utilized you must wait an entire 12 months before being eligible to reapply.

Your loan may still be eligible to skip; however, any credit life, disability, debt protection, and/or GAP coverage on a given loan may not extend beyond the original maturity date.