ACT 1st FCU’s Loan Payment Skip Program lets you delay your monthly loan payment without affecting your credit score. This can help if you’re facing financial challenges or need extra funds for expenses like education, car repairs, or vacations. The deferred payment is added to the end of your loan term.
Qualified members have the option to defer 1 monthly loan payment per calendar year for eligible loans. Throughout the duration of the loan, a maximum of 7 payments can be skipped.
Consecutive payments cannot be skipped.
How To Qualify:
WHICH LOANS QUALIFY?
WHICH LOANS DO NOT QUALIFY?
COSTS AND CHARGES:
The cost is $25.00 for monthly loan payments that are $200 or less and $50.00 for monthly loan payments that are $200.01 or greater. The skip fee will be deducted from corresponding ACT 1st FCU savings or checking account. If funds are unavailable, the skip payment request will not be processed. The processing fee will not be added to loan balances. Skips will be reviewed and processed within 20 days of submission.
HOW TO SKIP:
Stop by any branch to make your request or download the authorization form now. Then mail it to our mailing address: 1313 National Hwy STE 7 PMB 326 LaVale MD 21502, drop it off at any convenient branch, or fax it to (301) 729-2147. Never send sensitive information via unsecure email. To request an authorization form via secure email, contact us at collections@act1stfcu.org, text our collection line at (301) 882-8274, or give us a call at (301) 729-8015.
BEFORE YOU SKIP:
While opting to forgo a substantial monthly payment during a costly period of the year might seem like a wise decision in certain situations, it is important to carefully consider these factors before proceeding with the program.
First, keep in mind that choosing to skip just one loan payment can lead to a break in the habit of making regular monthly payments. This can have a significant impact on your credit score, as payment history is one of the key factors influencing it. Skipping a payment without obtaining permission from your lender puts you at risk of harming your credit score. Remember: this option is a one-month-only deal! Therefore, it is essential to make your payments in full next month.
Second, if you find yourself in a position where you feel the need to utilize the skip-a-payment option every month, it could indicate financial difficulties and a requirement for assistance. It is advisable to take proactive measures now rather than falling into a deeper financial hole. Seek advice from a representative at ACT 1st FCU regarding financial guidance or reach out to our partners at GreenPath via (877) 337-3399 or click here to visit our co-branded website for assistance with your debt relief needs. We are always available to provide assistance! If you are contemplating utilizing the skip-a-payment option, please contact or visit ACT 1st FCU to speak with a member representative for complete details.
Loan Payment Skip Program Frequently Asked Questions
How Does the Loan Payment Skip Program Work?
For a $25 processing fee for monthly loan payments that are $200 or less or a $50 processing fee for monthly loan payments that are $200.01 or greater (per Loan Payment Skip Program request), qualified members may request to skip one loan payment per calendar year for eligible loans. You may pay the fee by check, stopping in and paying with cash, or by authorizing us to debit your ACT 1st FCU savings or checking account.
Qualified members have the option to defer 1 monthly loan payment per calendar year for eligible loans. Throughout the duration of the loan, a maximum of 7 payments can be skipped. Consecutive payments cannot be skipped.
Please note that interest will continue to accrue on the loan during the period in which a payment has been skipped, which will increase the total finance charge paid. As a result, your final scheduled loan payment will be higher.
How Do I Know If My Loan Qualifies for the Loan Payment Skip Program?
Qualifying loans include the following:
- New & Used Auto Loans*
- Recreational Merchandise
- Signature Loans
- Shared Secured Loans
- Money Market Secured
- Share Certificate Secured
- UCC Secured
- Trailer Loans
The loan must also have been open for at least 90 days and account(s) cannot be delinquent at the time of your Loan Payment Skip Program request.
When Should I Apply for to the Loan Payment Skip Program?
In order to properly skip a loan payment, all requests must be processed and approved at least five business days prior to the payment you are requesting to skip. Skips will be reviewed and processed within 20 days of submission.
