Skip a Payment service
At Oregon State Credit Union
Skip a Payment service gives you flexibility when life throws a curveball, helping you manage unexpected expenses.
Stay covered when the unexpected happens
How Skip a Payment supports you
This service allows you to Skip a Payment on a qualifying loan. It’s a simple way to stay on track and keep your budget balanced when cash is short and expenses rise.
There is a $25 fee for Skip a Payment, which will either be added to the balance of your loan or debited from your selected share account.
You can apply for up to two skip payments within a 12-month period for any qualified loan.
Qualifying circumstances
Circumstances may include unexpected expenses relating to:
- Medical bills
- Tax surprises
- Education
- Reduced income from job loss
- Reduction in salary or hours
Qualification criteria
- All share accounts are in good standing
- All loans are in good standing
- A minimum of 12 months of loan payment history
- If you have an automatic transfer (ACH) scheduled for your loan payment, please make your request at least three business day prior to the transfer date to help ensure your payment will not be processed
- If you have Guaranteed Asset Protection (GAP) insurance on a vehicle loan, it is important to review your policy terms to ensure you understand of how payment skips may affect your coverage
Qualifying loan types
- Vehicle secured loans
- Personal loans
- Visa credit cards — must be submitted within the month of your due date
- Personal line of credit (PLOC) — must be submitted within the month of your due date
- Workout loans
Ineligible loan types
- Business loans
- Payday Advance loans
- Home Equity Line of Credit
- Real Estate loans
- Certificate Secured loans
- Single payment Share Secured loans
- Loans closed by the Credit Union
-
Consumer loans with a 180-month or longer original term
How we can help
If you’re having financial difficulties and are unsure if you can skip a payment, or if you have a loan that you think is not eligible, visit a branch or give us a call.