Skip-A-Pay

Sometimes your budget needs a little breathing room. Maybe an unforeseen expense like a medical bill or car repair will strain it beyond your comfort zone. Or, maybe you know what’s coming and you need the extra cash on hand for the holidays or a little pampering. The Lisbon Credit Union understands and we’ve designed Skip-a-Pay to help when you need it.

What is Skip-a-Pay? The Skip-A-Pay Program gives you the option to defer a monthly payment on an eligible Lisbon Credit Union Loan to the end of the loan. We advance your payment due date and your maturity date (for example on a 48-month loan, if one payment is skipped, you make 48 payments over 49 months) for a small fee. All without impacting your credit rating.

It’s that simple. Here’s How It Works:
- A processing fee of $35.00 per loan payment skipped may be paid by cash, check or deducted from your savings or checking account.
- If any loan to the Member has been over thirty (30) days past due in the last 12 months, the Skip-A-Pay request will not be approved and the required payment is due.
- The loan must have originated at least six (6) months prior to the date of the Skip-A-Pay request to be eligible.
- Loan types eligible for Skip-A-Pay are: Autos, Boats, Campers, Travel Trailers, Motorcycles, Snowmobiles, ATVs, 4-Wheelers, Lawn and Garden Tractors, Personal and Share Secured Loans.
- Loan types ineligible for Skip-A-Pay are: Mortgages, Mobile Homes in a Park, Business Loans, Lines of Credit (including ODPs) and Visa Credit Card Loans.
- Requests must be received no less than three (3) business days before the due date. Applications for payments made weekly or bi-weekly must be submitted thirty (30) days prior to the loan due date.
- Borrower and all co-borrowers must sign this request form.
- Interest will continue to accrue at the rate provided in the loan agreement during the skip period.
- The maturity date will be extended on the loan when a payment is skipped. This means at least one extra payment for each payment skipped and an additional payment may be needed to cover interest accrued while payments have been skipped.
- Payments made cannot be refunded.
- If there is an automatic payment/transfer scheduled, the Credit Union will suspend the automatic payment(s) for a single month.
- If GAP and/or Life and Disability Insurance was elected, the coverage will not be extended beyond the original maturity date.
- All other terms and conditions of the loan remain the same.
- Skip-A-Payments are subject to Credit Union approval and Member will be notified if not approved.

Click here for Skip-A-Pay form

Take advantage of Skip-A-Payment today! If you have questions, give us a call at 353-4144 or visit the Lisbon or Lewiston office.