Choose when you want to take a break from your monthly loan payment(s). We’re here to help you achieve what matters to you.
Whether you want to skip your loan payment(s) to have extra cash for the holidays, vacation, or to cover other expenses, you may have the flexibility to do so with First Harvest’s Loan Skip-A-Pay program. The feature is available for Auto Loans, Personal Loans, and credit cards. It's another way we help our members build stronger financial roots.
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Is my loan eligible for the Skip-A-Pay option?
The Loan Skip-A-Pay option is available to members with loans that meet the guidelines below. Other eligibility restrictions apply. Please contact us for complete details.
- Your loan must be either an Auto or Signature Loan with terms less than 66 months, or a credit card.
- Home Equity Loans, Home Equity Line of Credit, and First Mortgages are not eligible.
- Member Account must be in good standing.
- The loan to be skipped cannot be more than 30 days past due.
- New loans must have at least six months of consecutive payments made on time to be eligible.
- Only two skips per loan per rolling 12-month period (maximum of six for the life of the loan) are allowed.
- Loans that are on our Summer Skip Repayment schedule are exempt from the Skip-A-Pay program.
Is there a charge to skip a loan payment?
First Harvest charges a small processing fee of $35 to skip loans with balances less than $50,000 and $50 for all other loan balances.
If you hold multiple eligible loans and wish to skip payments on more than one of them, the processing fee applies to each loan. Your finance charges will also continue to accrue during the month skipped.
How do I make a request to skip my loan payment?
Complete our Skip-A-Pay loan application and return it to First Harvest Credit Union at least two business days prior to your loan payment due date.
All parties on the loan must sign the application form.
First Harvest reserves the right to determine if prior or subsequent actions may disqualify the loan.
What else should I know about Loan Skip-A-pay?
- Any skipped payment will cause the loan to extend beyond the original maturity date, which may change the total amount and schedule of repayments. All other terms and conditions of the loan will remain unchanged.
- GAP Insurance coverage (on auto loans if applicable) will not extend beyond the original maturity date of the loan.
- The fee is due and payable at the time of the request. With your authorization, the fee may be transferred from your savings or checking account here at First Harvest.
- Requests must be made at least two business days before the due date of the loan.
- If a payment is due weekly, four consecutive payments will be skipped. If a payment is due bi-weekly or semi-monthly, two consecutive payments will be skipped. If payments are due monthly, one monthly payment will be skipped.
- Maximum of six skips over the life of the loan.
First Harvest reserves the right to determine if prior or subsequent actions may disqualify the loan.