March is a great time to reset and realign your finances as we head into spring, but we know unexpected expenses still happen. Whether you’re juggling tax season costs, planning a family getaway, catching up after winter bills, or just trying to create a little extra breathing room, Skip-A-Pay from ALLIANCE Credit Union can help give your budget some flexibility this month.
What Is Skip-A-Pay?
Skip-A-Pay lets eligible members temporarily pause one monthly loan payment on their auto or personal loan, and use that money for something important to them. Once approved, your loan due date simply moves forward a month, giving you extra cash in hand this March.
This isn’t a break from your financial goals, it’s a smart tool to help you reallocate funds when life throws something at your budget.
Who Qualifies?
Before you apply, here’s what to know:
● You must have made three consecutive on-time payments to be eligible.
● Each member is eligible for up to two Skip-A-Pay loan extensions per calendar year, but they can’t be back-to-back.
● Only certain loan types qualify, typically auto and personal loans (Motorcycle, RV, Boat, etc.). Loans like mortgages, HELOCs, credit cards, and business loans are not eligible.
Important Details to Consider
Skip-A-Pay can be a useful budgeting tool, but there are some details worth understanding before you request it:
Processing Fee: There’s a processing fee for approved skip requests, for example, $55 for auto, RV, motorcycle, and boat loans, and $35 for signature, share-secured, and certificate-secured loans. This fee is added to your loan’s principal balance.
Interest Still Accrues: Skipping a payment doesn’t pause interest, your loan will continue accruing finance charges during the skipped month