Skipping a payment.

When the unexpected happens to your best financial plans, the flexibility to skip your monthly loan payment could help.

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Sometimes an emergency or other essential expenses pop up and you may need a little more cash than you budgeted for this month. Skipping your monthly loan payment can help you focus on your other needs and breathe easy this month.
SKIP-A-PAY

How to skip your loan payment.

SKIP-A-PAY

How to skip your loan payment.

Easily choose Skip-a-Pay in Online Banking. Log in, select the “Payments” tab located at the top menu when using the website, or scroll to the bottom if using mobile banking. Select Skip-a-Pay. Or give us a call at 888.267.7200.

Make sure to apply for your Skip-a-Pay at least seven business days before your payment is due.
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Qualifications and eligible loans:

FEE: A $35.00 Skip-a-Pay fee will be assessed for each approved request.

MEMBERSHIP: You must be a member in good standing with Lake Trust Credit Union and all of your loans at Lake Trust must be current (less than 10 days delinquent).

NUMBER OF SKIPS: Limit two (2) skipped payments in one 12-month rolling period for each eligible consumer loan. A maximum of 10 skipped payments are allowed for the life of the eligible loan.

LOAN ELIGIBILITY: Each loan you are requesting a Skip-a-Pay option for must be at least 180 days (6 months) old, current (less than 10 days delinquent), and cannot have been in delinquent status more than 30 days within the past 6 months. Additionally, each loan you are requesting a Skip-a-Pay option for cannot be paid ahead more than 60 days and Collateral Protection Insurance (CPI) cannot be in effect at the time of the Skip-a-Pay request.

EXCLUDED LOANS: Personal Lines of Credit, Home Equity loans, Home Equity Lines of Credit, Consumer Credit Cards, Student Loans, Auto Saver Loans, Mobile Home Loans, Mortgages, Business Purpose Loans, and Commercial Business Loans, Commercial Lines of Credit and Commercial Credit Cards are NOT eligible for the Skip-A-Pay program.

SUBJECT TO APPROVAL: Lake Trust reserves the right to deny a Skip-a-Pay request, including delinquent loans, loans that are involved in a bankruptcy or collection action. See Skip-a-Pay Terms and Conditions for more details.

BE ADVISED: Interest will continue to accrue during your deferment period. Skipping a payment will increase the total finance charge paid over the course of your loan and the loan’s maturity date will be extended.