Holiday Loan Extension

Could you use some extra cash for Christmas shopping?

If your answer is YES, you might want to take advantage of our Holiday Extension Agreement Plan. This plan will allow you to skip your loan payment(s) for the month of November. If this sounds like a great deal, simply complete the form on the back of this letter and return it to us along with the $35.00 processing fee for each loan you plan to skip. The money you would normally use to make your monthly payment(s) can then be used for Christmas shopping. Loan payments eligible for deferment are those due between November 1 and November 30, 2017.

All signed agreements must be received at ACT 1st Federal Credit Union by Tuesday, October 31, 2017. All borrowers and co-borrowers MUST sign the holiday agreement before it can be processed. We must receive one signed agreement for EACH loan you have with us. Additional forms are available at the Credit Union or can be mailed to you at your request. If you have payroll deduction, your loan payment will be deposited into your share account. This offer DOES NOT apply to Member Business Loans, Mortgage Loans, Home Equity Loans or ACT 1st Federal Credit Union VISA Credit Cards. Unfortunately, a holiday extension agreement will not be processed if you have any delinquent loan payments, delinquent credit card payments or pending credit insurance claims. Other restrictions apply.

NO EXTENSION AGREEMENT WILL BE ACCEPTED AFTER OCTOBER 31, 2017.

Please note that there is a $35.00 processing fee that will NOT be applied to the principal or interest on your loan. Also, understand that interest will continue to accrue on your loan during this period. If you have credit insurance on your loan, an extension will not lengthen the term of your coverage. This Holiday Extension may further extend the term of your loan beyond the original maturity date.

If you have any questions about this program, please feel free to call 301-729-8015 and ask to speak with a Loan Officer. If you are ready to sign up for the plan, simply complete the form on the back of this letter and send it along with the required $35.00 processing fee per loan you intend to skip. The entire staff at ACT 1st Federal Credit Union wishes you a joyous Holiday Season and a prosperous New Year.

Download the Holiday Loan Extension agreement brochure (PDF – new window)