SCU’s Skip-A-Pay is Your Annual Money Hack!
When life throws unexpected challenges your way, managing your financial obligations can feel overwhelming. That’s why Scott Credit Union is dedicated to helping members navigate financial difficulties through personalized services, such as our Skip-A-Pay program.
If you’ve taken out a consumer loan with SCU, you have the opportunity to skip a payment once a year, offering a financial breather when you need it most. Whether you’re dealing with a tight budget, planning for holiday expenses, or facing the rising costs of everyday life, Skip-A-Pay can help ease your financial burden.
What You Need to Know About Skip-A-Pay
Eligibility: If you have taken out a consumer loan through Scott Credit Union, you may be eligible to take advantage of Skip-A-Pay.1 Visit our website for a list of qualifications.
Frequency: You can take advantage of Skip-A-Pay once per calendar year.
Cost: While the Skip-A-Pay service is a helpful resource, it’s important to note that there is a fee of $25 for each skipped payment per loan.2
Limitations: To ensure the program is available for all members when they need it, there is a limit of five skips per the life of your loan.
Year-Round Availability: The great news is that Skip-A-Pay is available any month of the year.
How to Get Started
Taking advantage of our Skip-A-Pay program is simple. You can apply online, visit your local branch or call the SCU Member Service Center at (618) 345-1000. Our friendly and knowledgeable staff members can guide you through the process. They can answer any questions you may have and ensure you understand all the details.
Life is full of surprises, and sometimes these surprises can take a toll on our finances. Scott Credit Union’s Skip-A-Pay program is a fantastic resource for members looking for a little financial relief. With its reasonable fees, annual availability, and the option to use it any month of the year, Skip-A-Pay is a valuable tool for managing your loans.
1Home Equity Line of Credit, Credit Cards, Certificate secured loans are not eligible.
2A non-refundable fee of $25 per loan will be charged for exercising this service. The fee can be debited from an SCU share/checking or added to your loan balance. The addition of the fee to your loan balance will result in additional interest accruing on your loan. The fee and additional interest will result in a larger total amount of payments on your loan. Finance charges will continue to accrue during the Skip-A-Payment period and will be payable with your next payment. Your payments will resume the month following your skipped payment. You understand that making this change may extend the final payment date beyond what is listed on your original note. As a reminder, if you have set up an automatic payment via SCU Online Banking, your other bank’s bill pay service, or any other external method, be sure to cancel it for the month you are skipping. Skipping a loan payment may affect available benefits if you have purchased GAP insurance or credit insurance on your loan.
