Maybe it's the holiday season and you'd like a little more cash for gifts or travel. Maybe it's vacation time, and you need a little more for the trip. DCU's Skip-A-Payment program can help you make it happen.
The Skip-A-Payment Program gives you the option to defer a monthly payment on an eligible DCU Loan until the end of the loan. We advance your payment due date and your maturity date¹.
To take advantage of our Skip-A-Payment Program, print out the Skip-A-Payment Request Form (pdf), fill it out completely and return it to DCU with your $25 fee (or choose to have the fee automatically withdrawn from your DCU Account). This request must be received no less than 10 business days prior to the payment you want to skip.
To participate in this program, your membership must be in good standing and all loans must be current (less than 15 days past due in the past 12 months). This program does not apply to loans during the first six (6) months of the loan agreement and you may only exercise one (1) Skip-A-Payment per calendar year/per loan with a maximum of three (3) skipped payments per loan term.
The Skip-A-Payment Program is not offered on Visa, Advantage Credit Line, Home Equity, Mortgage, or Student Loans.
¹ Finance charges will continue to accrue in a daily basis at the Annual Percentage Rate set forth in your loan agreement, both during and after the deferral period. This means that this deferral of scheduled payments, and/or the application of resulting fee directly to the outstanding loan balance if that is the method you have chosen, will result in having to pay a higher total Finance Charges and possibly a greater total number of payments, then if you made these payments as originally scheduled. This means additional payment(s) may be due after the loan would have originally been paid off. Your next monthly payment will include the finance changes accrued from the skipped month. Each payment is first applied to finance charges and late charges, if any, and then to principal.
Our family came under hard times recently when I was laid off. The option to skip a payment was a lifeline that we needed. It’s good to know that DCU is there for you in the good times and the difficult times as well.Read More Reviews
Thanks DCU for bailing me out this month, what a financial bail out for me.It's so nice to know there are still banks out in this world that care about people. Thanks again!!!!Read More Reviews