SMCU’s Anytime Skip-A-Pay Program Puts You In Control
A loan payment is a long-term commitment. Over the course of even a short loan, unforeseen circumstances can pop up which leave you in a financial bind. When that happens and you have the choice between fixing the pipe flooding your basement with gallons of water or paying your auto loan payment, what are you going to do?
If you have a loan with SMCU, you have options. Most SMCU loans come with Anytime Skip-A-Pay, a program that allows you to skip a payment on your eligible SMCU loan as often as twice every twelve months with the payment of a nominal $25 per loan processing fee.
SMCU’s Anytime Skip-A-Pay program allows you the flexibility to react to situations where you could use a bit more cash in a given month for emergencies, vacations, or other times when you have higher-than-normal expenses. The Anytime Skip-A-Pay program lets you take control of your finances and create some peace of mind during potentially stressful times.
Three easy ways to request to skip a payment
By mail by printing and sending the Skip-A-Pay request form to:
SMCU Lending Department
Attn: Skip-A-Pay requests
P.O. Box 780
Seattle, WA 98111-0780
In person by speaking to a branch rep who will have you complete and sign a Skip-A-Pay form
Online by logging into SMCU’s Online Banking and completing the online Skip-A-Pay form in the Secure Forms section
If you have questions about the Anytime Skip-A-Pay program or any SMCU loan, please call our loan experts at 800-334-2489.
- The loan must have been open for at least six months.
- The loan cannot be past due at the time the skip-a-pay request is made.
- The loan cannot have had any payments 30 days or more past due in the previous six months.
- Payments cannot be skipped in consecutive months and cannot be skipped more than twice in any twelve-month period.
- The loan cannot have an active force-placed insurance policy.
- First mortgages, home-equity loans, and VISA® credit cards (including share-secured credit cards) are not eligible.
- Skip-A-Pay requests must be received at least seven (7) days before the payment you wish to skip is due to allow time to cancel an automatic payments being made to the loan.
- SMCU 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