Skip a loan payment

Unexpected expenses such as health, taxes, or back-to-school can knock your budget off track. On the other hand, income disruptions, such as job loss or reduction of hours, can mean your paycheck won't cover weekly or monthly costs.

Oregon State Credit union's loan payment extension enables you to "skip" a loan payment, which may be a good resource for having extra money to help get through a cash shortfall.*

  • You can skip your loan payment(s) on consecutive or varying months, whichever works for you. Qualifying members can take advantage of two skips per 12-month period per loan.

Request a loan payment extension

Learn more and fill out a loan payment extension request

To extend your payment(s):

  • Complete the request form and return it to our office 30 days before your payment is due.

  • Please specify the loan suffix you wish to skip.

  • Use a separate form for each loan and for each month you wish to skip.

  • All your loans must be current to qualify for the extension.

Loan payment by automatic transfer or payroll deduction

  • If approved and we set up an automatic transfer (ACH) to withdraw funds from your account at another financial institution, the transfer will not occur on the month(s) you have chosen to skip.

  • If approved and you have scheduled a loan payment transfer in online banking, you will need to go into your account and cancel the transfer for the month(s) you choose to skip a payment.

  • If approved and you have an automatic transfer or payroll deduction of your loan payment that was set up by your other financial institution or employer, you will need to contact the other party to have the automatic transfer stopped for the month(s) you choose to skip a payment.

Request a loan payment extension


* You may apply for one or two skips within a 12-month period for each loan. Consumer loans with a 180-month original term are not eligible for skips. Business, payday advance, home equity, real estate, CD secured and single payment share secured loans are also excluded from this extension.

 

Go to main navigation